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Dow Closes Down 668 Points to Under 9,000
By
Jen Chung
Published Oct 9, 2008
Modified Oct 9, 2008
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By
Jen Chung
Published Oct 9, 2008
Modified Oct 9, 2008
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Photograph of a specialist at the NYSE by Richard Drew/AP
Well, neither talk of the government taking ownership stakes in banks or yesterday's interest rate cut has helped stem the stock market's slide. Today, the Dow Jones Industrial fell 7.2% to close at 8,589 points, under 9,000 for the first time in five years. The Nasdaq fell 5.47% and the S&P 500 fell 7.5%.
The Dow has fallen 33% percent this year, and the graph at left from USA Today shows the trend since Monday. Bloomberg News writes that the sell-off was due to "higher borrowing costs and slower consumer spending" and "concern carmakers, insurers and energy companies will be the next victims of the credit crisis." General Motors fell more than 20% today.
Canaccord Adams managing director of US equity trading Dave Rovelli told CNBC, "This is a disaster, I can't put it any other way. You would think capitulation would have been the 1,300-point loss in the first three days this week. No one wants to own stocks. ... It's just constant negative energy."
Tagged
dow jones
economy
slide
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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