The New York Times
Wednesday, August 10, 2011 -- 4:05 PM EDT
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Wall Street Ends With Sharp Decline, Wiping Out Tuesday Gains
Stocks in the United States plummeted on Wednesday as worries about European banks caused a chill on both sides of the Atlantic.
Financial stocks led the rout, in part because of fears about exposure to French banks that are loaded up on the debt of Italy, Greece and other troubled European countries. Stock markets in Europe also dropped sharply. Bond prices, meanwhile, rose and yields dropped as investors continued to seek refuge.
Only a day earlier, the Federal Reserve's announcement that it would keep interest rates near zero for another two years sent the Dow Jones industrial average up almost 430 points. But those gains were more than wiped out Wednesday. At the end of trading, the Dow was down 520 points, or 4.6 percent, and the Standard & Poor's 500-stock index was off 4.4 percent.
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