The Dow Jones industrial average (INDU) plunged 275 points, or 2.2%, the biggest one-day drop since November. The blue-chip index gave up all its gains for the year, and is now 99 points below where it finished 2011.
Also, the Dow Jones Industrial Average won't be used as the measure for stock action. Instead, the circuit breakers will be tied to the S&P 500, a broader measure of the market encompassing many more companies.
That's certainly understandable. With just three days left in the year's first half, the Dow Jones Industrial Average DJIA, +1.23% has turned in an anemic year-to-date return of just 2.4%. That's well below the stock market's long-term average of ...
The Dow Jones U.S. Index - which underlies the iShares Dow Jones U.S. Index Fund IYY, +1.95% - plunged 55% from its high point on Oct. 9, 2007, to its nadir on March 9, 2009, on a total return (dividends included) basis.