Bad day on Wall Street

August 4, 2011 1:37:59 PM PDT
Uh oh. The biggest single-day drop on Wall Street since December, 2008, and no matter what your vision, you had to see this coming.

The market has been on a tear downward for the past 10 trading days, and today's lollapalooza of a plummet about 513 points, means that since July 21 the Dow has dropped nearly 11% in value, or more than 1,300 points.

And so what the debt ceiling extension deal was supposed to avoid ? a plunge on Wall Street has happened anyway.

The bigger issue, other than a hit in peeps' 401k's is why this is happening: Worries are growing over a double-dip recession in the U.S. and the escalating debt problems in Europe.

Not exactly how Pres. Obama thought he'd be entering the end of this third full year in office, and the beginning of his re-election campaign.

Unemployment remains high and hard to imagine it's going to suddenly drop below 8% under the best of circumstances in the next year, and the market has taken a dive, giving back all of its gains for the year, plus some.

We'll have the latest on the market plunge and look ahead towards tomorrow, tonight at 11.

We'll also have any breaking news of the night, plus Meteorologist Lee Goldberg with his AccuWeather forecast, and Rob Powers with the night's sports. I hope you can join Sade Baderinwa and me, tonight at 11.


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