Stock market plummets; Dow Jones falls hundreds of pointsPosted: Updated:
NEW YORK - A global market plunge sparked by a nine percent slide in Chinese stocks overnight sent Wall Street into a free fall today. With less than an hour of trading left, the Dow industrials were down more than 500 points, or nearly four percent. It closed the day down 416 points, or 3.29 percent.
By way of comparison, the Dow's biggest point-plunge was nearly 684 points back on September 17th of 2001. The biggest percentage loss is 22.6 percent on October 19th of 1987.
In addition to the the big drop in China, investors' confidence was hammered by data showing that the economy may be decelerating more than anticipated. The Commerce Department reported that orders for durable goods in January dropped by the largest amount in three months.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
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