Stock Markets Plummet, Dow Drops 500 Points

Thursday, August 4, 2011 - 4:38pm

NEW YORK — Any way you cut it, it was a terrible day for the stock markets.

Worries about the state of the economy in the U.S. and around the world slammed stocks on Thursday, driving the Dow Jones industrial average to close down more than 500 points. It was the Dow's worst drop since October 2008.

The Dow and the S&P 500 shed more than 4 percent; the Nasdaq more than 5 percent. All three major indexes are down more than 10 percent from their previous highs, putting them into correction territory. In addition, all three indexes have erased their gains for the year.

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