NEW YORK (AP) — Back to reality and back down, Wall Street focused on the bleak landscape ahead for the economy Wednesday and wiped out its big gains from a day earlier — and then some.
The Dow Jones industrial average closed down 519 points and has now lost more than 2,000 in less than three weeks. Swings of several hundred points in just minutes, accelerated by computerized trading, have become commonplace.
This time, the selling was intensified by worries about in Europe. American bank stocks took hits because investors fretted that debt problems overseas might reach the United States.