Stocks tanked Thursday afternoon - with the Dow falling nearly 700 points during the session - as panicked investors dumped stocks across the board.
Bank lending remained tight as nervous institutions continued to hoard cash. Treasury prices fell, raising their corresponding yields. The dollar gained versus the euro and the yen. Oil and gold prices fell.
According to early tallies, the Dow Jones industrial average (INDU) lost 679 points, or 7.3%, after hitting its lowest point since May 27, 2003 during the session...
To put in perspective just how hard the stock market has been hit over the past 12 months: a year ago today the Dow closed at an all-time high of 14,164.53. As of Wednesday's close, it had lost 33%.
read the CNN story
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