Dow Plunges More Than 450 Points; Nasdaq Losses Reach 'Correction' Level
NEW YORK (CBS SF) -- U.S. stocks tumbled across indexes Wednesday as fears of a global economic slowdown intensified, with the Dow Jones industrial average in its fourth day of consecutive losses - plunging more than 450 points.
The Nasdaq composite dropped more than 100 points and was nearing the point which could be considered a market correction. Bay Area Nasdaq tech stocks such as Apple (AAPL), Cisco (CSCO), Google (GOOG), Intel (INTC), and Yahoo (YHOO) each saw losses. NYSE-traded Wells Fargo (WFC), based in San Francisco was down over 2.9%.
All sectors in the Standard & Poors 500 fell Wednesday, also near the benchmark of a correction. In afternoon trading, the Dow, Nasdaq and S&P 500 were off their intraday lows.
Stocks have been on the decline for weeks as investor concern grows over the growth of economies in Europe and Asia.
