Dow Ends the Day Below 10,000

Photograph of trader Arthur Cashin wearing a "Dow 10,000" hat--one that was given out when the Dow Jones Industrial Average first hit 10,000 on March 29, 1999-- today by Richard Drew/AP

Continuing the chain reaction of global markets falling--due to worries about the banking and credit crisis--the Dow Jones Industrial Average has fallen below 10,000 for the first time in four years. The NY Times reports " The index has lost more than 1,100 points — or about 10 percent — in slightly more than a week." The S&P 500 is currently down alost 5% and the Nasdaq is down over 5% (check here).

The Wall Street Journal spoke to Johnson Research Group president Chris Johnson, who utters the f-word, "It's hard to be bullish based on monetary policy or bailouts alone. It doesn't address the fundamentals of the stock market, which have some very deep problems right now." (The WSJ also has an article about how the credit crisis hits everyone, not just corporations.)

Update 3 p.m.: Earlier the Dow fell over 700 points, to the below-9,600 territory, but is currently above 9,600. Right now, it's down 650 points (6.3%), and the Nasdaq is down 7.21% and S&P 500 is down 6.78%.

Update, 4:40 p.m.: The Dow ended the day 370 points down, still ending under 10,000 at 9,955 (a 3.58% drop). The Nasdaq was down 4.34% and S&P 500 was down 3.85%.

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By Jen Chung in News on October 6, 2008 4:41 PM

Comments [rss]

Shinobi Shaw

#41 Because Ron Paul and Kucinich live for the constitution and actual freedom and this is detrimental to the ELITE.

They would prefer to con people on the LEFT-RIGHT paradigm, not in their best interest if say Kucinich gets office.

Politburo

Thanks for the lesson, Mr. Gibson.

starrygordon

Then why don't they vote for them? Why don't they vote for people like Ron Paul or Kucinich within the existing parties?

Shinobi Shaw

Mc Cain is no better #39, both parties are corrupt and controlled by ELITE/GLOBALISTS.

Which is why more people are waking up this fact and wanting more 3rd party alternatives.

ides_of_march

Maybe everybody is taking their money out to hide it for fear of Obama getting elected? When you have a marxist leading in the polls threatening to increase capital gains tax, don't be surprized when the capital starts to flee.

NannyState

The funny thing is that if the Dow fell below 2,000 pts. nobody would care about it anymore. In the early seventies, during that nasty bear market, the Dow was so low that no one cared about investing in stocks. So maybe we should stop giving a damn about this busted market and focus on what's real out there.

Shinobi Shaw

I hope you're kidding #36, this whole crisis has been known by many for years and even a decade.

Of course you won't find these people on the corporate controlled Network News.

babyhitler

HHAHAHA - I wrote that not only the dow would fall under 10,000 but that W would send us hurtling towards the great abyss. I win!

bagelman

i was listening to radio the other day and caught an excellent program that explained this mess in terms that i could almost understand. now, i'm practically fluent in bankocrat-speak...check it: credit default swappers are a bunch of punks!

http://audio.thisamericanlife.org/player/CPRadio_player.php?podcast=http://www.thisamericanlife.org/xmlfeeds/365.xml&proxyloc=http://audio.thisamericanlife.org/player/customproxy.php

Spirit of 76

How about that. I called it out last week or the week before about the DOW dropping below 10,000.

You're late. I wrote three months ago that it would be heading for the basement.

Rocknrope

I wonder if the guy with the Dow 10K is still alive?

bornbrednewyorker

And it closed at -369.88. The market goes up, the market goes down. It's a long term investment, stay the course and don't listen to the tv clown show bufoons like Cramer telling people to get out. Get out and get creamed in taxes? Yeah good advice...

JacqueMehoff

hey, can you shut the window,

you're letting the stank out.

sidenote

Check your conspiracy theories at the door.

JacqueMehoff

I haven't seen any eviction notices pasted on doors near me.

maybe bloomberg saw something coming when he's the only mayor to be hiring more city marshal's to perform eviction services. and people want him four more years? a mayor who wants more marshals...hmmmm.......

drewo

we should have charged Osama Bin Laden to get George Bush

In order to unify the title of the Worlds Champeen Terrerist.

matty

"Get in there Mortimer and SELL!"

hah

EastRiver

Now I'm all worried about getting stampeded by fleeing elites.

Go squat in their condos.

TK

Get in there Mortimer and SELL!

babyhitler

you ever wonder if instead of charging George Bush to get Osama Bin Laden we should have charged Osama Bin Laden to get George Bush? The world might have been saved.