“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 to close down more than 500 points and sending the broader S&P 500 index well into correction territory.
The Dow Jones industrials average ended down more than 4 percent. The broader S&P 500 index was down around 10 percent from its May high. The market’s so-called “fear index,” the CBOE Volatility Index (VIX), rose above 30 in its biggest daily percentage move since May 2010.
“People are throwing in the towel because they can’t find relief on any front. There are a lot of worries about the economy,” said Milton Ezrati, market strategist at Lord Abbett Co. in Jersey City, New Jersey, which manages $110 billion in assets.”
With MANY THANKS To MSNBC.COM Staff And New Service Reports. Read More Here:\”Stock Markets Have Terrible Day; Dow Drops 500 Points\”