Dow Falls Below 10,000
- 00:03:31
- Google Video
Dow Falls Below 10,000
EmploymentCrossing.com U.S. stocks dropped, driving the Dow Jones Industrial Average below 10,000 for the first time in four years, after bank bailouts in Europe widened and commodities companies tumbled on concern global growth is slowing. ConocoPhillips slid 7.3 percent as oil traded below $90 a barrel, sending the Standard & Poor's 500 Energy Index to a 21-month low. The S&P 500 lost 63.37 points, or 5.8 percent, to 1,035.86 at 10:48 a.m. in New York, the lowest since December 2003. The Dow Jones Industrial Average retreated 510.7, or 5 percent, to 9,814.68. The Chicago Board Options Exchange Volatility Index surged as much as 25 percent to 55.86, the highest in its 18-year history. “It's a financial panic, total dislocation in the financial industry across the board,'' said Ralph Shive, chief investment officer at 1st Source Corp. Investment Advisors in South Bend, Indiana, which manages $3 billion. `”It's blown up in our face.” The S&P 500 tumbled 9.4 percent last week, the steepest slump since the September 2001 terrorist attacks, as concern the U.S. is headed for a recession overshadowed passage of a $700 billion bank bailout.
Google Video | October 9, 2008
