Dow Jones Posts Largest Point Drop Ever

While I was sleeping in China, something ugly, very ugly happened on the Wall Street and on the Capital Hill.

The first I noticed when I turned on my laptop this morning was headlines like this Dow posts record point drop as House rejects bailout. As a result, major indexes suffered huge losses. The Dow Jones sank 777.68 points, the largest point drop ever, or 6.98%, to 10,365.45, the S&P 500 lost 106.59 points, or 8.79%, to 1,106.42 and the NASDAQ declined 199.61 points, or 9.14%, to 1,983.73. Another piece of disturbing news is Citigroup agrees to buy the banking operation of Wachovia for $2.2 billion, preventing the bank to fail only two days after Washington Mutual was taken over by the FDIC. Now, the nation’s banking industry is dominated by Bank of America, JPMorgan Chase, and Citigroup, controlling 30% of the total deposits. Early on Wachovia was in talks to merge with Morgan Stanly. That’s not going to happen now.

I have updated the 10 largest drops of the Dow Jones list because today’s 777 points drop of the benchmark is the No. 1 loss point wise. Three of the top 10 spots were occupied by the losses of the Dwo in less than two weeks.

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