Dow at 6-Year-Low

While the Dow Jones Industrial Average only ("only") fell 89 points, or 1.2%, it fell below 7,500 to 7,465—the lowest level in six years. The S&P 500 lost 1.2% (its lowest since 1995) and the Nasdaq lost 1.6%. The NY Times reports, "While stocks have been trading in a broad range over the last three months, analysts said that the indexes may be carving out a new, deeper trench, where the bottom of the old range becomes the top of the new one. Stocks could linger there for the next few months, analysts said, as investors wait to see whether the $787 billion stimulus package will have any effect." One strategist told AP,"There is more pessimism in the market as to when the economy is going to pick up steam," while one investment firm's director told Reuters, "There seems to be a whiff in the air that we're moving much closer to (bank) nationalization, which would effectively wipe out stockholders."