The Standard & Poor's 500 Index plunged 38.82, or 2.9 percent, to 1,283.15, its biggest drop in three weeks. The Dow decreased 358.41, or 3 percent, to 11,453.42, its lowest since September 2006. The Nasdaq Composite Index sank 79.89, or 3.3 percent, to 2,321.37, its worst loss since January. Almost nine stocks fell for each that rose on the New York Stock Exchange.

``Most investors are going to sit on the sidelines until they're more certain the sharks have left the waters and it's safe to go back in,'' said Bruce McCain, the Cleveland-based head of investment strategy at Key Private Bank, which oversees about $30 billion. ``The write-offs have been far worse than anyone would have imagined.''

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Filed under: * Economics, Politics • Economy • Stock Market

1. Sidney wrote: Of what significance is it to be the worst *June*?  If it were the worst monthly decline since 1930, that would be something.  But the worst June?  78 Junes= only 6.5 ‘years’ of Junes.  If this had been the worst monthly loss since January 2002 (6.5 years ago), would it be such a big deal? June 27, 12:07 am | [comment link]

2. Sick & Tired of Nuance wrote: Sell in May and walk away… June 27, 12:24 am | [comment link]

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