Dow Plunges as Economic Fears Remain

By Chuck Sudo in News on Aug 4, 2011 7:20PM

So Washington lawmakers and the President came to a deal on reducing the nation's debt and the debt ceiling's been raised. Economists' fears for global markets should have been put at ease, right?

Oops.

Stock markets across the globe are taking baths today as investors are still skeptical about the American and European economies. Fears that the nation is heading to a double-dip recession spurred a drop in the Dow of nearly 360 points, the Standard & Poors was down over 3 percent. Since a May 2 high, the S&P index 's losses have reached 10 percent.

Guess who's blaming President Obama? Unlike last time, don't expect the U.S. to bail out the economy.