Stock Market Plunge: Dow Loses 313 Points in One Day

Bianna Golodryga explains why the drop occurred, what to expect next.
3:00 | 11/08/12

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Transcript for Stock Market Plunge: Dow Loses 313 Points in One Day
The worst day of the year for your money. 300,000 in market value gone. The question is, why? Another question, what can we expect in the days ahead? Weekend "gma" anchor, bianna golodryga, with answers here. Reporter: What an ugly day it was yesterday. Two things are making the markets nervous here. Europe is one of them. The debt crisis there is putting new pressure on germany's economy. And riots are breaking out in greece because the government there is forced to slash jobs. The other crisis is here at home. That so-called fiscal cliff looming. If congress fails to act, spending cuts and tax increases will kick in, costing the average american household, some $3,700 next year. You heard jon karl mention, house speaker boehner is looking to compromise with democrats and raids taxes under the right conditions to stop us from going over that fiscal cliff. We'll see in the days and weeks ahead whether wall street believes that's possible.

This transcript has been automatically generated and may not be 100% accurate.

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