Dow Jones nosedives

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August 4, 2011, 4:26 pm

(NECN) -- The Dow Jones industrial average plummeted as many as 400 points Thursday, its biggest dive since the Financial crisis. The losses turned the blue-chip stock index negative for the year.

The major hit came during a week of agonizing over debt concerns in the U.S. and Europe. Questions about the health of the U.S. economy hit Wall Street hard - traders expect that Friday's unemployment report will show numbers holding at 9.2 percent. Should that number increase, stocks will likely continue to slide.

"Around the world we had investors and traders digesting, 'What is this debt ceiling deal going to mean for the global economy?' It's going to mean dollars out of circulation," said Kim Harris of the Armstrong Advisory Group.

Tags: stocks, Kim Harris
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