The Dow Jones Industrial Average (INDEXDJX:.DJI) took a serious hit today plunging 1000 points before bouncing back. I just wrote about how Apple stock plunged today right along with the rest of the NASDAQ.
The Dow Jones Industrial Average (DJIA) plunged more than 9%, and the S&P 500 Index (SPX) and the Nasdaq Composite (COMP) both were down more than 6% in intraday trading, according to SchaeffersResearch.com.
What’s more, the SPX even briefly dropped below its 200-day moving average, a long-term trendline that was widely considered a bull/bear market demarcation back in March 2009. Some post-plunge speculation indicates that a bad “tick” for Procter & Gamble Co. (PG), which placed the stock’s session low near $39.37 per share, may have sparked the worst of the day’s selling pressure. At last check, the DJIA was off 2.97% at 10,545, the SPX was down 2.94% at 1,130.82, and the COMP had lost 2.86% to trade at 2,334.91.
According to the NYTimes.com,The market decline on Thursday turned into a freefall, with major indexes tumbling as much as 8 percent in afternoon trading. The euro declined more than 2 percent. In afternoon trading, the Dow Jones industrial average was down 8.8 percent, or 996 points, at one point. The Standard & Poor’s 500-stock index was down 90 points or 7.73 percent, and the Nasdaq was down 175 points, or 7.2 percent.