Stocks tumble Friday

• Tweet

NEW YORK, Oct. 19 (UPI) -- New York stock markets marked the anniversary of the worst market crash, dropping sharply Friday as third-quarter reports disappointed investors.

Third quarter report from Internet firm Google and McDonald's Corp. failed to meet expectations. A trade group report also showed existing home sales slack in September, off 1.7 percent from August, the National Association of Realtors said.

Friday was the 25th anniversary of Black Monday, Oct. 19, 1987, when markets crashed around the world. The Dow Jones industrial average dropped 508 points that day, 22.61 percent, to 1,738.74.

Although the Dow has lost more points in a day several times since, that is the record for a one-day decline in the Dow in terms of percentage.

After snapping a four-day winning streak Thursday, the Dow gave up 295.43 points or 1.52 percent to 13,343.51.

By close of trading, the Nasdaq composite index was down 67.24 points or 2.19 percent to 3,005.62. The Standard and Poor's 500 index lost 24.15 points or 1.66 percent to 1,433.19.

On the New York Stock Exchange, 694 stocks advanced and 2,358 declined on a volume of 3.8 billion shares traded.

The benchmark 10-year treasury note rose 19/32 to yield 1.771 percent.

The euro fell to $1.3024 from Thursday's $1.3067. Against the yen, the dollar rose to 79.32 yen from 79.28 yen.

In Japan, the Nikkei 225 index added 0.22 percent, 19.82 points, to 9,002.68.

In London, the FTSE 100 index shed 0.35 percent, 20.90, to 5,896.15.