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Dow industrials down over 5,500 points, or 39%, from year-ago peak

By Kate Gibson, MarketWatch

“There are only two things that will turn this market around: One is any sign that the credit markets are thawing out, and the second is we finally find a level at which stocks have finally become too cheap, sank 678.91 points, its third-largest point loss on record, to finish at 8,579.19, pushing the blue-chip index under the 9,000 level for the first time since August 2003.

One year to the day after climbing to its peak of 14,164.53, the Dow Jones Industrial Average sank 678.91 points, its third-largest point loss on record, to finish at 8,579.19, pushing the blue-chip index under the 9,000 level for the first time since August 2003.

The Dow’s close leaves it 5,585.34 points, or 39.4%, under its year-ago high.

All of the Dow’s 30 components closed under water.

“Indicators on the state of the credit markets have improved over the past two days but the improvement has not been enough to turn the tide on the equity market’s slide,” said Tony Crescenzi, chief bond market strategist at Miller Tabak & Co.

Volume on the New York Stock Exchange topped 2 billion, and declining stocks outran those advancing 10 to 1. On the Nasdaq, nearly 1.4 billion shares traded, with decliners surpassing advancers nearly 5 to 1.

In commodities trade, gold fell, with the contract for December delivery dropping $20 to end at $886.50 an ounce on the New York Mercantile Exchange.

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Dow, S&P reach important downside targets

Before detailing the U.S. markets’ wider view, the S&P 500’s hourly chart highlights the past three weeks.

From the Sept. 19 peak to Monday’s close, the S&P has plunged 257 points.

That’s a brutal, 20% bear market across just 12 market sessions.

In Monday’s action, the index bottomed just above the 1,000 mark before rising to close at 1,056.

Meanwhile, the Dow industrials have also been crushed.

In its case, the index has plunged 1,946 points from the Sept. 19 peak to Monday’s close, marking an ugly 17% drop across just 12 market days.

Monday’s close came in at 9,955 marking its first finish under the 10,000 level since Oct. 26, 2004.

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By Nick Godt, Market Watch

NEW YORK (MarketWatch) — The Dow Jones Industrial Average fell as much as 800 points to trade below the 10,000 mark Monday as nervousness over the credit crisis spread after the U.S. government’s $700 billion bailout and interventions in Europe only seemed to add to investor anxiety.

But hopes of a coordinated intervention helped the Dow to stop the bleeding in global markets recoup half of its losses, to close down 369 points, or 3.6%, to 9,955.

We could have a bounce tomorrow, especially if we get a coordinated rate cut by the three main central banks, [in the U.S., Europe and the U.K.],” said Robert Pavlik, market strategist at Oaktree Asset Management.

“That would send a message to the market that they’re cognizant of the problems and they’re ready to do something about it.”

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