Fear spikes, stocks tank
NEW YORK (CNNMoney.com) — Stocks got pummeled Thursday, with the Dow, Nasdaq and S&P 500 losing enough to fall into “correction territory” – marked by a drop of more than 10% off the rally highs.
Worries about how the European debt crisis and slump in the euro will impact the global recovery fueled the selling, extending the month-long declines.
The Dow Jones industrial average (INDU) fell 376 points, seeing its biggest one-day point loss since February 10, 2009. Thursday’s point loss was equivalent to 3.6%, the biggest one-day percentage loss since March 5 of 2009.
Senate passes sweeping Wall Street reform
WASHINGTON (CNNMoney.com) — The Senate on Thursday passed the most sweeping regulatory overhaul of the financial system since the New Deal.
The bill, which passed 59-39, imposes more oversight and stronger capital cushions for the largest banks and Wall Street firms, while aiming to stop bailouts, shine a light on complex financial products and strengthen consumer protection.
“Those who wanted to protect Wall Street, it didn’t work. They can no longer gamble away other people’s money,” said Majority Leader Harry Reid. “When this bill becomes law, the joyride on Wall Street will come to an end,” he added.
Can’t make a meeting? Just send in your robotic co-worker
Fed up with attending endless meetings when you’d much rather be at home? Step forward the QB from Anybots – a robot who can go to the office for you.
Developed by Bob Christopher, the brainchild behind the Pleo dinosaurs, the cute looking robot is essentially a teleconferencing system on wheels.
This means your mechanical representative is far more flexible – moving between rooms or even down to the factory floor.