Monday, October 6, 2008

Dow Drops 800+ Points

The Dow dropped a record 800+ points today before rebounding to a negative 369.88 points. It is the first time the Dow has closed below 10,000 in almost four years. World markets did not fair much better, and some did much worse. This all points to continued economic turmoil. It may be a few months before the bail out plan it put to action, and their is nothing to say it will necessarily have a positive effect. Hold on tight because it is going to be a wild ride.

"The Dow fell as much as 800.06, then recovered in erratic trading to a loss of 369.88, or 3.58 percent, to close at 9,955.50, dropping below 10,000 for the first time since Oct. 29, 2004. The Dow surpassed its previous record for a one-day point decline _ 778, which the blue chips suffered a week ago when investors feared the bailout package might not pass Congress.

Broader indexes also tumbled. The Standard & Poor's 500 index shed 42.34, or 3.85 percent, to 1,056.89; and the Nasdaq composite index fell 84.43, or 4.34 percent, to 1,862.96. The Russell 2000 index of smaller companies dropped 23.49, or 3.79 percent, to 595.91.

"Market Snapshot

DJIA 9,955.50 -369.88 -3.58%
Nasdaq 1,862.96 -84.43 -4.34%
S&P 500 1,056.89 -42.34 -3.85%
S&P/TSX 10,230.43 -572.92 -5.30%

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