Tuesday, October 07, 2008

Stocks Continue to Tumble

Wall Street continued its downward slide, with stocks piling on losses late in the session, it lost more than 500 points and all the major indexes slid more than 5 percent. This brought the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and the financial sector. The Standard & Poor's 500 index saw its first close below 1,000 in five years.

The magnitude of the stock market's plunge is reflected in the Dow's grim stats:

  • Tuesday's close was its lowest close in five years, since Sept. 30, 2003.
  • In just five trading days this month, and in the fourth quarter, it is down about 1,400 points, or 13 percent.
  • It has fallen 33.3 percent since its record close of 14,164.53, a year ago Thursday.

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