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Dow Falls Under 7,000 for First Time Since 1997
By
Jen Chung
Published Mar 2, 2009
Modified Mar 2, 2009
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By
Jen Chung
Published Mar 2, 2009
Modified Mar 2, 2009
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The Dow Jones Industrial Average is currently at 6,833, after falling over 200 points, making its first sub-7,000 visit since 1997. A large part of the drop is due to the government's additional bailout funds for AIG, whose CEO wouldn't rule out another bailout. Elliot Wave International's Robert Prechter (whose company predicted the 1987 stock market crash) told Bloomberg Radio, "The bear market has only begun. I don’t see the clear weather yet," while UBS director of floor operations Art Cashin told CNBC, "You're beginning to hear people get a little more despondent as this continues to sell day after day. There's a growing sense of frustration about not quite being in control here — Not knowing where the next shoe in Imelda Marcos's shoe closet is."
Tagged
7000
AIG
dow jones
economy
recession
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
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