The New York Times
Thursday, August 4, 2011 -- 4:03 PM EDT
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Shares Lose More Than 4% in Sell-Off on Global Economy
The Dow Jones industrial average and most stock markets around the world sagged more than 4 percent on Thursday as investors abandoned hope for an economic recovery and began fearing that the United States may be heading for a double-dip recession.
With Thursday's dive, the three major American indexes had erased all of the gains made so far in 2011. Markets from Brazil to Turkey were battered even more deeply.
Following accelerating falls over the past two weeks, Wall Street is now officially in "correction" territory, defined as a drop of 10 percent to 20 percent since the latest peak.
Read More:
http://www.nytimes.com/2011/08/05/business/markets.html?emc=na
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