This Day in History: Dow Jones sees record-breaking single-day drop

(WHSV) – Seventeen years ago on Sept. 29, 2008, the Dow Jones had what was at the time the largest single-day point loss in its history.

The drop came after Congress failed to pass a $700 billion bank bailout plan. Another factor was the housing slowdown that triggered homeowners to experience subprime mortgage defaults.

The massive drop in the stock market resulted in a loss of $1.2 trillion and contributed to the Great Recession. It remained the largest single-day point loss until 2018.

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