How much did the dow drop last week
The Dow Jones industrials fell It was the sixth worst point decline for the Dow in the last years and the worst one-day drop since December Investors worried about the slowing U. America's Debt Battle World markets take hit after U. Investors desperately looked for safe places to put their money and settled on U. The price of Treasurys rose sharply, and yields, which move in the opposite direction from price, fell.
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The yield on the year Treasury note fell to 2. That matches its low for the year, reached last week.
Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Fear is spreading quickly through the market, said Dimitre Genov, senior portfolio manager with Artio Global Investors. Roben Farzad, a senior writer for Bloomberg Businessweek, said on "The Early Show" that investors should approach recent financial events by considering their long-term approach before panicking and pulling out of the market.
The Dow was down 5. The sharp drop extended Wall Street's almost uninterrupted decline since late July, when the Dow was flirting with 13, It fell below 11, for the first time since November. The Nasdaq composite index fell Stock markets in Asia began Monday's global rout. The main stock index fell almost 4 percent in South Korea and more than 2 percent in Japan. European markets opened later and fell, too, with Germany down 5 percent and France 4. It said it could downgrade the U. Financial markets also did not appear comforted by an afternoon statement by President Barack Obama , who said Washington needs more "common sense and compromise" to tame its debt.
No matter what some agency may say, we've always been and always will be a triple-A country. The downgrade wasn't a total surprise but came when investors were already feeling nervous about the U. Last week, the Dow Jones industrial average fell almost points. That was its biggest weekly point loss since October , during the financial crisis. Counting Monday, the Dow has dropped in 10 of the last 12 trading days. It is down more than 1, points, or 15 percent, since July The Russell index of small stocks has now lost nearly 25 percent from its most recent high on April A decline of 10 percent or more off recent highs is considered to be a correction.
But a drop of 20 percent or more is said to be the start of a bear market. The Dow is down 16 percent. The index lost 57 percent of its value during the downturn.
Fannie and Freddie own or guarantee about half of all U. Their downgrade could eventually mean higher mortgage rates.
Worries about weaker profits that could result from a slowing economy have slammed the financial industry since late July. Bank of America plunged The insurer alleged Bank of America sold it overvalued mortgage-backed securities. The bank denied the allegations. Stocks in other industries whose profits are closely tied to the strength of the economy also fell sharply. The smallest losses came in safer industries such as consumer staples whose profits tend to be steadier, regardless of the economy.
Even in a bad economy people will still buy things like toothpaste and bread. The Vix index, a measure of fear among investors, shot up 47 percent to its highest level since May It does this by measuring prices for stock options that investors can buy to help protect their portfolios.
Investors are also worried that Italy or Spain could become the next European countries to have trouble repaying its debts.
Greece, Ireland and Portugal have already received bailout loans because of Europe's month-old debt crisis. The fears have pushed investors to shun Spanish and Italian bonds, which led to higher yields on the bonds. That resulted in even higher borrowing costs for the countries. The European Central Bank stepped in Monday and bought bullions of euros worth of their bonds. The move helped to lower yields on Spanish and Italian bonds, at least temporarily. Seeking to avert panic spreading across financial markets, the finance ministers and central bankers of the Group of 20 industrial and developing nations issued a joint statement Monday saying they were committed to taking all necessary measures to support financial stability and growth.
Worries about the U. The economy grew at a 1. It expanded at just a 0. The first half of was the slowest since the end of the recession. Then reports showed that the manufacturing and services industries barely grew in July.
Job growth was better than economists expected last month. But the , jobs created in July were still well below the , that employers added in February, March and April, on average.
Dow slides nearly as fear returns to market - Mar. 21,
The Federal Reserve will meet on Tuesday, but economists don't expect much to come out of the meeting. The central bank's key interest rate is already at a record of nearly zero, where it has been since The Fed has also already said that it plans to keep rates low for "an extended period. Fears about a weaker U.
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