U.S. Stock Indexes Slammed as GM, financials hit: Dow down 678 |
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Dow industrials down over 5,500 points, or 39%, from year-ago peak
By Kate Gibson, MarketWatch
Tags: Dow Jones Industrial Average, Nasdaq, New York Merc.“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.
