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Rollercoaster Ride Costs Dow 370 Points

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The Associated Press

Published: October 7, 2008

Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points - the largest one-day point drop - before recovering to close with a loss of 370, a 3.6 percent drop.

The catalyst for the selling, which also took the Dow below 10,000 for the first time in four years, was investors' growing despair that the spreading credit crisis will take a heavy toll around the world.

Investors have realized the Bush administration's $700 billion rescue plan and steps taken by other governments won't work quickly to unfreeze the credit markets. That sent stocks spiraling downward in the United States, Europe and Asia, and drove investors to sink money into the relative safety of U.S. government debt.

The selling was so extreme that only 264 stocks rose on the New York Stock Exchange - 2,986 dropped.

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