Stock market investors profusely dumped shares Thursday -- sending the Dow down more than 500 points and the Nasdaq over 130 as fears about global economic growth intensified.
Fears of escalating debt problems in Europe coupled with a lack of economic recovery in the U.S. sent investors rushing to cash, gold, and Treasurys. The Dow, S&P 500, and Nasdaq all descended into correction territory, falling more than 10% from their recent highs in late April, and each is now in negative territory for 2011.
By the close, the Dow Jones Industrial Averagehad plunged 513 points, or 4.3%, to 11,384. The S&P 500 dropped 60 points, or 4.8%, to 1200 and theNasdaq lost 137 points, or 5%, to 2556.
The selling occurred on heavy volume, validating the conviction of the move, and the major indexes weakened in the final hour of trading, finishing at or just above their session-lows, another sign of how deep the weakness was.
"What is making it much worse is the minor oversold bounce [on Wednesday] convinced some that maybe the worst of this downtrend was over and that sucked in some buyers. They were flattened by the surprise weak open this morning," said RealMoney contributor Rev Shark
Dow Jones Industrial Average
(DJI: ^DJI )
| Index Value: | 11,383.68 |
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| Trade Time: | 4:06PM EDT |
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| Change: |  512.76 (4.31%) |
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| Prev Close: | 11,896.44 |
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| Open: | 11,893.86 |
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| Day's Range: | 11,372.14 -11,893.94 |
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| 52wk Range: | 9,915.73 -12,928.50 |
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