On the 25th Anniversary of Black Monday, Wall Street Drops to Lowest in 4 Months

Wall Street saw the largest one-day drop in stocks since June on Friday, the twenty-fifth anniversary of Black Monday in the US. The Dow dropped 200 points, erasing most of this week's previous gains. The CBOE Volatility Index jumped as fear in the market was apparent. This slowdown came after many disappointing earnings reports this week, which continued with McDonald's (MCD) noting missed earnings and General Electric's (GE) drop in revenue. On the other side was Capital One (COF), who saw shares rise after beating both profit and sales expectations.
Also in the US it was reported that home sales dropped in the month of September to 4.75 million. Crude-oil futures fell sharply by the end of the day while the US dollar climbed against several other currencies.

Word on the Street

Interesting Tidbits

Published on Oct 19, 2012
By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

Posted in ...