New York, Sep 1: Nearly three trillion dollars, representing the equivalent of Germany's economy, have gone up in smoke on Wall Street in the last five weeks, estimates from the New York Stock Exchange (NYSE) and the Nasdaq said.The Dow Jones Industrial Average (DJIA) tumbled 512.61 points (6.36 per cent) to 7,539.07 last night, erasing gains for the year and falling to its lowest level since last November.
For the 30 Dow stocks, the losses amounted to $2.24 trillion since July 17, when the index hit a record high of 9,337.97 points.
On the Nasdaq, dominated by high-tech stocks, the losses amounted to $588 billion since its record high set on July 20.
The Nasdaq composite, off 20 per cent since its record, suffered its worst point drop ever -- 140.43 points or 8.56 per cent -- bringing it to its lowest level since July last year.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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