The Dow dropped nearly 1,000 points today before rebounding. Business Weekreports that 998.50 point drop was the biggest since 1987. Percentage wise the drop was 9.2%.
"It's panic selling," said Burt White, chief investment officer at LPL Financial in Boston, which oversees $379 billion. "There's concern that the European situation might cool down global growth and freeze the credit markets."
The Dow lost as much as 998.5 points, or 9.2 percent, before paring its loss to 383.17 points at 3:17 p.m. in New York. The Standard & Poor’s 500 Index fell as much as 8.6 percent, its biggest plunge since December 2008, before trimming its decline to 3.6 percent.
The big drop was so huge it looks like some sort of computerized sell-off. The Dow is still over 300 points down - 2.8% according to Google Finance. The Nasdaq is nearly 3% down for the day.
