Dow Dives 600 Points, Obama Hits Fundraiser

Obama Main Attraction at Fundraisers Monday Night

President Barack Obama turns his attention to campaign politics Monday night, as he headlines two events for the Democratic National Committee and his re-election campaign.

According to the White House schedule, the president first attends a gathering of approximately 140 guests at a private residence in the nation's capital. A DNC official says proceeds from the $15,000 per family gathering will go to the Obama Victory Fund, with the money raised shared by the president's re-election campaign and DNC.

A source with knowledge of the event says it's being held at the home of Don and Katrina Peebles. Don Peebles is a real estate entrepreneur and sits on the Obama campaign's national finance committee.

The president then heads to the St. Regis Hotel to meet with approximately 60 guests. While not a fundraiser, a source says the gathering is a donor outreach event. Read more at cnn.com.

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Dow Crumbles After Economic, Debt Fears Engulf Wall Street

After closing out the worst week since 2008, Wall Street was once again pummeled on Monday after global sovereign debt and economic fears sent traders fleeing equities with few shelters in sight.

The Dow Jones Industrial Average plunged 635 points, or 5.6%, to 10,810, the S&P 500 tumbled 79.9 points, or 6.7%, to 1,119 and the Nasdaq Composite dipped 174.7 points, or 6.9%, to 2,358. The FOX 50 sank 50.7 points, or 5.9%, to 814.

Volatility has been extremely high in recent trading sessions. The selloff over the past two weeks has been so furious in fact that "its force now rivals almost anything we’ve seen in the post war era," according to Daniel Greenhaus, chief global strategist at BTIG. The VIX, often referred to as a fear gauge, spiked 45% to a 52-week high.  

The selloff was broad, with every major sector took deep losses. In fact, 98% of the volume on the New York Stock exchange was in declining shares. The Dow closed below 11,000 for the first time since October 2010, and every blue chip ended in the red. Read more at foxbusiness.com.