The Dow plunges more than 300 points. Greece's parliament votes for the EU-IMF bailout despite intense protests. Moody's warns that the economic crisis could weigh on European banks. Europe's central bank keeps rates on hold.
Posted by Elizabeth Strott and Charley Blaine on Thursday, May 6, 2010 9:14 AM
Updated at 2:41 p.m. ET
Stocks were suffering their worst one-day decline since February 2010, despite a vote by Greece's parliament to pass the 110 billion euro ($146 billion) European Union-International Monetary Fund bailout package.
Worries that the package won't prevent the crisis from spreading to Portugal and Spain overshadowed any optimism from the vote.
Also adding to the day's stress were weaker-than-expected April sales reports from retailers.
At 2:37 p.m. ET, the Dow Jones Industrial Average ($INDU) was down 324 points, or 3%, to 10,544. That's the biggest point loss since Feb. 10, 2009.
The Nasdaq Composite Index ($COMPX) had lost 90 points, or 3.5%, to 2,311, and the Standard & Poor's 500 Index ($INX) had shed 39 points, or 3.4%, to 1,126.
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1 comment:
At about 3pm (ET) it was down almost 1000 points! It has since recovered some.
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