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Dow drops 358 points

Thursday, August 20, 2015 - 01:07

The blue chip index hit its lowest level of the year. Stocks fell for the third straight day, plunging Thursday on global growth concerns. Fred Katayama reports.

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Thursday's trading session hit a low note, the Dow and S&P 500 plunging into the red for 2015. The blue chip index marked its lowest point of the year. Stocks dropped more than two percent a day after the Federal Reserve highlighted global growth concerns in its policy minutes. Also a drag on the Dow: Walt Disney, after a downgrade by Bernstein. Sears taking a hit despite reporting its first quarterly profit in more than three years. The problem? It came largely because the company sold off real estate assets, which it is now leasing back. Sales continue to drop. Valeant will buy Sprout Pharmaceuticals, maker of the drug that's called the "female Viagra." The deal worth about a billion dollars. U.S. home resales rose to a near 8-1/2 year high in July, yet another sign the housing market is recovering. PwC's Mitch Roschelle: SOUNDBITE: MITCH ROSCHELLE, PRACTICE LEADER REAL ESTATE ADVISORY, PWC (ENGLISH) SAYING: "The housing market is back. It's just a poorly kept secret, I think." New concerns about Greece. Prime Minister Tsipras resigned on Thursday with new elections set for September 20th. That news pressuring European stocks, with the German Dax hitting its lowest level since January.

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Dow drops 358 points

Thursday, August 20, 2015 - 01:07