Dow Jones Decline Thursday Manhattan Stocks Drop 500 Points on Thursday on Fears of Global Financial Instability Dow

Jones plummeted 513 points On Thursday, amid global market instability. By Kareem Johnson DNAinfo Reporter/Producer MANHATTAN The Dow had its worst trading day since 2008 on Thursday, eliminating the gains made this year. "A lot of panic selling, a lot of selling because of what s happening with the economy, what happened with the debt ceiling last week," said Alan Gordon of Fordham Financial told NY1. Investors concerned about European debt, the weak US economy and the tense debt ceiling negotiations helped to drive the massive sell-off on Wall Street, precipitating a 4.3 decline. Jay Leupp, president of Grubb & Ellis told NY1 that there concerns among European debt investors. Italy and Spain could be, potentially, the next Greece, he said. Some market analysts are calling a correction. "You've got to realize this market's coming off a big low from two years ago, and it's almost up like 70 percent from that low, so is this like a normal correction or a total correction? I would have to say it's basically a normal correction," market analyst Louis Fulfenti told NY1. In early trading on Friday, on news that economy added 117,000 jobs in July, stocks were up 100 points.