Monday, March 2, 2009

Dow Falls Below 6800 Amid Broad Retreat

The stock market closed at a 12 year low today amid increasing fear and uncertainty. Following is an exerpt from today's Wall Street Journal Online -- March 2, 2009

Stocks broadly sold off on Monday amid fears that a recovery for the global economy and the banking system may still be a long way off, sending market benchmarks past another set of milestones.

The Dow Jones Industrial Average declined 299.64 points, or 4.2%, to 6763.29, its lowest close since April 25, 1997. The stock measure has fallen four straight days and in 10 of the last 12 sessions, declining 14.8% in that span. The Dow is down 25% from its January 2 peak for this year and down 52.25% from its high of 14164.53 on Oct. 9, 2007.

Markets on the Move

Mr. Battipaglia said that the market continues to take most of its clues from weakness in credit markets and the financial sector. While certain pockets of debt instruments have seen improvement since November, he notes it's only in the areas where the government has directly infused capital.

The broad selloff pushed the Standard & Poor's 500 Index down 34.27 points, or 4.7%, to 700.82, its lowest close since Oct. 30, 1996.

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