Monday, February 23, 2009

Stock Market Plummets to 11-Year Low – Obama’s Team Hits Panic Mode

The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.

The Dow Jones industrial average (INDU) lost 250 points, or 3.4%, according to early tallies., ending at the lowest point since May 7, 1997.

The S&P 500 (SPX) index lost 26 points, or 3.5%, ending at the lowest point since April 11, 1997.

The Nasdaq composite (COMP) lost 53 points, or 3.7%. The tech-fueled index has held up better than the rest of the market so far this year, closing at the lowest points since Nov. 20, 2008.

Stocks had gained in the morning on enthusiasm that the government may boost its stake in Citigroup, briefly assuaging fears that the troubled bank would have to be nationalized. But the early advance quickly petered out, as the worries of the last few weeks returned.


Click to read.

No comments: