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Dow Drops More Than 400 Points

August 31, 1998

NEW YORK (AP) _ The Dow industrials plummeted below 8,000 today for the first time in seven months in a drop that was more than wiping out all of this year’s gains.

The Dow Jones industrial average, which rose 43 points in the opening minutes of trading, was down 419.67 at 7,632.01 during the final minutes of trading that was heavy heavy but below last week’s frenzied pace.

In the sharp selloff, the Dow gave up the last of this year’s gains. It ended 1997 at 7,908.25. The last time the Dow closed below 8,000 was on Jan. 30.

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