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513 points plunged today of Dow Jones industrial amid renewed worries about a possible double-dip recession, the U.S. deficit and Europe’s continuing debt problems.The S&P 500 fell 60 points to 1,200. The Nasdaq declined 137 points to 2,556.It was the worst day for the market since the October 2008 when stocks sank as widening mortgage problems toauched off the banking crisis.

Traders work on the floor of the New York Stock Exchange on Thursday, Aug. 4, 2011 in New York

“The mood right now is gloomy,” Mike Ryan, the New York- based chief investment strategist at UBS Wealth Management Americas told Bloomberg. “The burden of proof is for better data that show the economy is not falling into recession.”We asked local business owners, economists and real estate professionals for their reaction to the market’s steep downward turn:

“There is no incentive for private industry to do anything. I think the economic troubles will go on for a long time. I don’t see (elected officials) doing anything.”Ron Stein, vice president, Principal Technical Services high-tech staffing company, Irvine“I think a lot of people are positive about their lives and their jobs and are doing OK – we may have 9 percent unemployment but 90 percent of the people are working – but they look around and see what’s happening in the world and in Washington, D.C. and say, ‘I better be more careful’ and they stop spending.”

I have called every client today to reassure them. Those who were in high-risk investments are up to their chests in water; it’s about at our ankles. We are in a protect mode now and heading for higher ground. When you have days like this, I think it was Warren Buffet who said that when the tide goes out you see who’s swimming naked.” Keith Offel, managing director, Newport Advisory LLC financial consulting, Fullerton

“I think we are probably a lot closer to a bottom than a top … I think you should look at the 200-day average on the S&P, which is about 1248 , and if we get above that, it might be an all-clear sign.”Tom Lydon, president of Global Trends Investments in Irvine and editor of ETFtrends.com

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