Marking one-year anniversary of record high, the Dow has lost 39.4 percent.
U.S. stocks stumbled again Thursday with the major indexes down for seventh consecutive days as credit worries continued to roil. The sell-off was exaggerated by news that a major credit ratings agency was considering cutting its rating on General Motors Corp.
The Dow Jones Industrial Average dropped 678.91 points, or 7.3 percent, closing at 8,579.19. This is for the first time the Dow sank under the 9,000 level since late August, 2003.
The S&P 500 fell 75.02 points, or 7.6 percent, to 909.92, while the Nasdaq Composite dropped 95.21 points, or 5.47 percent, to 1,645.12.
The declines marked the one-year anniversary of the closing highs of the Dow and the S&P. The Dow has lost 5,585 points, or 39.4 percent, since closing at 14,164.53 on Oct. 9, 2007. It's the worst decrease for the Dow since 1974. Over the nearly two-year bear market that ended in December 1974, the Dow lost 45 percent.
The S&P 500 is off 655 points, or 41.9 percent, since its record high of 1,565.15 on Oct. 9, 2007.
The federal fund rate cut Wednesday didn’t ease pressure on stocks.
2 comments:
Every day we get a new story about government efforts and worsening financial market.
Unrealty:
Ripple effects of financial crisis have spread beyond financial industry and beyond U.S.. For sure, job losses from bank closures hurt the overall economy
Post a Comment