Dow Drops Below 10,000 (WSJ)
Just posted to the Wall Street Journal’s website:
Dow Drops Under 10000 As Bank Woes Persist
By PETER A. MCKAY | OCTOBER 6, 2008, 12:56 P.M. ET
Markets continued a fearful downward spiral Monday as investors focused on the weakened state of the global economy, looking past recent steps by government officials around the world to shore up the financial system.
The Dow Jones Industrial Average was recently down almost 536 points, or 5.2%, at 9789.83, with all 30 of its components in the red. The move marks the first time since late October 2004 that the measure has fallen below 10000 on an intraday basis. The Dow also appears poised to extend a three-day losing streak in which it had already shed 4.8% coming into Monday’s session.
Investors around the world are increasingly worried that a deep global economic slowdown is taking hold despite measures like last week’s bailout of Wall Street and moves by the Federal Reserve prior to Monday’s opening bell to further encourage bank lending.
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