778 points is the biggest single-point loss ever! What does that mean? That approximately 1.3 trillion dollars in market value have evaporated in one day!
In the meantime France's president Nicolas Sarkozy declared that the theory that the market "always knows best" is finished. According to Sarkozy, that should not be the face of capitalism: "The market economy is a regulated market ... in the service of all. It is not the law of the jungle; it is not exorbitant profits for a few and sacrifices for all the others. The market economy is competition that lowers prices ... that benefits all consumers."