Fears of a double dip recession and Europe's financial crisis on Thursday triggered the biggest sell off in US stocks since the 2008 banking crisis. John Prestbo, editor and executive director of Dow Jones Indexes, said: "The dog days have turned vicious for the market, with the
Dow Jones Industrial Average plunging nearly 513 points, or 4%. Jack Ablin, chief investment officer of Harris Private Bank, said investors were now on tenterhooks awaiting Friday's job figures.
Ablin said investors has lost confidence in governments' ability to boost economies by cutting rates or economic stimulus programmes. Friday's payroll report is crucial. The Dow shed more than 500 points — its biggest point drop since October 2008. Europe isn't buying the deal. Despite his sagging poll numbers, Obama then resumed fundraising for his reelection.