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New York City - U.S. Stock Market Hits 5-year Lows In Major Selloff |
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But the Dow Jones industrial average, which lost as much as 800 points, began cutting its losses as the market close neared. Still, at the close it was down 369 points. the Dow closed at 9955.00
The index hit its lowest level during a session since Oct. 24, 2003, when it touched 9,497.72.
Other indexes also bounced back in the final hour.
The Standard & Poor's 500 (SPX) index, after being down 7.7% to its lowest point since Sept. 12, 2003, was down 5%. The Nasdaq composite (COMP) was down 5.1% after being off 8% to its lowest point since Aug. 28, 2003.
Credit markets remained tight, with two key measures of bank jitters hitting all-time highs. Treasurys rallied, lowering the corresponding yields as investors sought safety in government debt. Gold rallied for the same reason. Oil dipped. The dollar jumped versus the euro and fell against the yen.
Investors are realizing that the $700 billion U.S. bank bailout was not a cure-all, said Dan Genter, president and CEO at RNC Genter Capital Management.
"Everybody thought that the bailout was a panacea, but it's not, it's a tourniquet that stops the bleeding so the patient doesn't die right away," Genter said.
Additionally, the spate of bank rescues in Europe were reminding people that the crisis is a global one, said Todd Salamone, senior VP of research at Schaeffer's Investment Research.
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Read Comments (5) — Post Yours »
1
Oct 06, 2008 at 04:19 PM Anonymous Says:
Lets see how low it can crash...vote for McCain and we'll find out
2
Oct 06, 2008 at 04:55 PM What's Important Says:
With three days left to Yom Hadin, I think there are way more important things for Yidden to think about than mere finances.
Especially since what WE say (tefillah) and do (teshuvah u'tzedakah) will determine: how the market fares next year; who will win the US election; if Iran will Nuke Israel (Ch"V); if Moshiach will come (BB"A); v'chule v'chule.
3
Oct 06, 2008 at 05:12 PM dreidel Says:
“ With three days left to Yom Hadin, I think there are way more important things for Yidden to think about than mere finances.
Especially since what WE say (tefillah) and do (teshuvah u'tzedakah) will determine: how the market fares next year; who will win the US election; if Iran will Nuke Israel (Ch"V); if Moshiach will come (BB"A); v'chule v'chule. ”
What r u doing here if you're trully worried about the "yom hadin?" let's be honest; although we all know about the yom hadin it's still unfurtunate that our way of living hasn't changed. i don't know of a person who stopped working or cut his/her working hours except for rosh yeshivas who have "bein hazmanim" these days.
4
Oct 06, 2008 at 06:32 PM Yosef Says:
Chevra this is the begging of the end!!! Wake up now is that time to really start getting ready for moshaich
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Oct 06, 2008 at 06:55 PM joseph Says:
“ With three days left to Yom Hadin, I think there are way more important things for Yidden to think about than mere finances.
Especially since what WE say (tefillah) and do (teshuvah u'tzedakah) will determine: how the market fares next year; who will win the US election; if Iran will Nuke Israel (Ch"V); if Moshiach will come (BB"A); v'chule v'chule. ”
mere finances are not a joke
it involves paying your bills, sholom bayis etc as well as giving out tzedakah to the thousands of organizations that bombard you
what are you focusing on now?????