The Dow Jones U.S. Health Care Index tumbled 6.49% as the latest market swing sent stocks falling. So far this year, the index is down 21.57%.
The Dow Jones Industrial Average suffered another stunning point drop, 733.08, and closed the day down 7.87% to end at 8577.91. The Dow is down 29.81% for the year. The S&P 500 finished the day down 9.03% and is down 38.17% for the year.
The days unsettling economic news included cautionary remarks from Federal Reserve Chairman Ben Bernanke. Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away, he said at the Economic Club of New York, according to a copy of his statements. Economic activity had been decelerating even before the recent intensification of the crisis. -- by Melanie Evans
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