NEW YORK (CNNMoney) — Poof! There goes any progress stocks made in 2011.
Stocks plunged Thursday, with the Dow tumbling 400 points to hit its lowest level since December, as global economic fears gripped the market.
U.S. markets were already sharply lower on widespread worries, including the weak job market. But the selling gained momentum as Japanese and European policymakers stepped in with dramatic measures to shore up their financial markets.
There’s “total fear” in the market, said Bob Doll, chief equity strategistat the world’s largest money manager, BlackRock.
All three major indexes tumbled more than 3% Thursday and erased all their gains for the year. The indexes have also pushed into ‘correction’ territory – defined as a 10% drop from their highs earlier this year. Over the past 10 days alone, the Dow, S&P 500 and Nasdaq have dropped more than 8%.
Full Story: Dow free falls 400 points