From: Wall Street Journal, 10/11/08
The Dow Jones Industrial Average capped the worst week in its 112-year history with its most volatile day ever, as hopes for a major international bank-rescue plan were overwhelmed at day’s end by another wave of selling.
Some investors who normally would be jumping to buy beaten-down stocks after a 22% drop over eight trading days said the relentless declines have left them shell-shocked and unwilling to take new risks. Some spent the day trying to protect themselves from further declines.
The Dow fell 697 points shortly after the opening bell, and remained down most of the day. It surged to a 322-point advance less than half an hour before the close. …
This week’s 18% decline, and Friday’s 1018.77-point swing from low to high, were the biggest since the Dow was created in 1896. Until now, the Dow’s worst week was in 1933.