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Dow Falls 519 Points Today (Just Like A Hooker's Underwear)
By
Jen Chung
Published Aug 10, 2011
Modified Aug 10, 2011
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By
Jen Chung
Published Aug 10, 2011
Modified Aug 10, 2011
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Ultimately, Wall Street decided today was a down day, with the Dow Jones falling 519.83 points today (-4.62%), wiping out its Tuesday gains of 429 points. The Nasdaq fell 101.47 points (-4.09%) and the S&P 500 lost 51.77 points (-4.42%). It's unclear if the Post will use another hooker cover, but the Wall Street Journal sorta namechecks Steve Soderbergh's upcoming movie, "U.S. stocks slumped as investors were squeezed between fears of further contagion among European banks and the Federal Reserve's gloomy economic outlook."
An economist at Barclays Capital in New York told the NY Times, "Today it’s fears about French banks and France," and referred specifically to French bank Société Générale, which fell 18% today, "SocGen is the name that is really driving trading." And the portfolio manager at the Pax Balanced World Fund told the WSJ, "The market can go from euphoria to depression at the flick of a switch. People are concerned about France's ratings, and the banks are under an extreme amount of pressure."
Tagged
economy
Europe
fear
recession
stock market
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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