Dow Closes Down 668 Points to Under 9,000

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."

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By Jen Chung in News on October 9, 2008 4:35 PM

Comments [rss]

pkgrip

Vageta what does the scouter say about the points of the stock?!?????

NYCSniper

People are so brainwashed by Obama, they truly believe he is the messiah and will fix all our problems magically.

Be careful, sheeple. When you travel with the herd, you often end up on the chopping block.

VanessaNYC

"Buy stocks after the election, if Obama wins then you will see stabilization, if McCain wins then you will see armageddon."

BabyHitler,

I agree.

NYCSniper

>if obama wins then you will see stabilization, if McCain wins then you will see armageddon.

Wanna bet on that? From what I'm hearing, a lot of the uncertainty on Wall St. is coming from the fact that B.O. is the clear front-runner now.

99centmenu

Interesting that gets brought up; a quote that constantly comes to mind when I read about the stock market is "It's a huge shit sandwich and we're all gonna have to take a bite."

rsox

The world is financially multipolar now.

ed_Extinct

a great time to buy!

Felix Hoenikker

Sir, permission not to take Rafterman with me?

babyhitler

DO NOT BUY STOCKS! everyone thought the floor was 10,000 then people thought it was safe to buy then stocks rebounded, then they realized it wasn't then it fell again, then they thought 9,500 was the floor it wasn't. Buy stocks after the election, if obama wins then you will see stabilization, if McCain wins then you will see armageddon.

NannyState

This is the perfect time to buy...so go buy yourself a shot of whiskey.

realist

Sir, does this mean that Ann-Margaret's not coming?

qwerty

Don't jump in too soon kids. It's gonna find a floor, rebound, and then REALLY crash.

JacqueMehoff

I picked a good week to get a case of Sapporo ichiban ramen.

tingo

So is this a market crash/ collapse?

If so, will it be worse than '87? How do you think the city will be affected?

Politburo

Well played, blabla.

JacqueMehoff

This is GREAT news!

there I said it. Lower baby, lower.

freeeeee market, capitalism, darwism, labia faire yada yada yada.

this is GREAT news! best news I've heard all day.