Dow Jones Heading for Biggest Drop Since 2008 Crash
After a 358-point drop on Thursday, the Dow Jones dropped another 449 points in the afternoon trade, putting it on track for the biggest two-day point drop since Nov. 19 and Nov. 20, 2008, when the Dow dropped 872.46 points. It's unknown exactly how the drop will impact the real estate market, though experts have speculated the volatility could fuel investments in commercial assets. The massive drop seems to be due to the trend of investors overselling as they struggle with fears of China’s economy, plunging oil prices (now below $40 a barrel) and global economic growth. Many analysts are greatly concerned with the levels of fear playing a role on Wall Street. It is worth noting that after the two-day drop in 2008, the Dow jumped back in a big way, shooting up 892.10 points in the following two days. [MW]
