Wall Street Plunges on Economic Fears; Dow Sinks More Than 500 Points; S&P, Nasdaq Down 4%; VIX Soars 30%

Fears of worsening economic turmoil in the United States and Europe triggered a broad-based retreat on global markets Thursday, with stock market indexes plunging more than 4 percent in New York.

The Dow Jones industrial average closed down for its ninth session out of 10, finishing the day down more than 500 points or 4.3 percent in the red; the Standard &Poor’s 500 fell 4.8 percent; and the Nasdaq tumbled 5.1 percent. All three indices experienced their biggest weekly drops since May 2010.

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