Some investors also are selling to protect their portfolios before Friday’s monthly announcement of unemployment data.
“It’s almost a very simplistic thing here, there has just been indiscriminate selling,” said Michael Purves, the chief strategist at BCG Financial.
It recently was down 293, at 11611, a decline of 2.4%.
The slump of the past few weeks has driven the Dow down almost 10% from its May intraday highs–a decline that would be classified as a correction.
While 63% of vehicles had single-zone climate control a decade ago, just 43% fall under that category today.
Dual-zone climate control went from an available feature in 59% of all 2005 vehicles to either an option or standard feature in 87% of vehicles on lots today.
It’s the worst point drop since December 2008 and the worst percentage drop since February 2009, reports Market Watch.
The S&P 500 plunged 60, or nearly 5%, and NASDAQ dropped 137, about 5%.
The Dow slumped as much as 372.52 points, or 3.1%, to a low of 11523.92 in midday action, erasing all its gains for 2011.All three major indexes are now in the red for the year.] There’s “total fear” in the market right now, said Bob Doll, chief equity strategist at Black Rock.The Dow Jones industrial average (INDU) dropped 350 points, or 2.5%, with Alcoa (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and Bank of America (BAC, Fortune 500) among the biggest drags on the blue chip index.As a result, he says, the climate control systems in each car become a frequent topic of conversation around the office.“It can be about which ones are too complicated or something as simple as noticing which systems have a lowest fan speed that's incredibly low or which have a lowest fan speed that's annoyingly high,” he says.“Experts say (and I believe it's even been tested on They're no trivial feature.