Bonzer Wolf™ (bonzerwolf) wrote,
Bonzer Wolf™

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The Begining of the END

The Dow plunged nearly 300 points and barely avoided making a new six-year low Tuesday as the markets continue to worry the government's rescue efforts won't stop the nation's economic bleeding any time soon.

The Dow Jones Industrial Average fell 297.81 points, or 3.79%, to 7552.60, the S&P 500 lost 37.67 points, or 4.56%, to 789.17 and the Nasdaq Composite sank 63.70 points, or 4.15%, to 1470.66

The latest selloff illustrates how confused the markets remain about the Treasury Department’s latest financial rescue plan and how skeptical many are about the speed of the $787 billion stimulus package President Barack Obama signed into law on Tuesday.

By a fraction of a point, the Dow ended above the crucial 7552.29 level at which the benchmark index settled in November for the first time since 2003. Since hitting a record high of 14164 in November 2007, the Dow has lost 46.7% of its value, including a drop of 13.9% in 2009 alone. The S&P 500, which traders follow more closely, fell below the crucial 800 level Tuesday to the lowest level since Nov. 20.

Tags: economy, life, obamanation, recession

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