Dow Jones industrial Closes At 6-Year Low

February 19, 2009

The Dow Jones industrial average tumbled to its lowest close in more than six years on Thursday, breaking through a psychological barrier established in November.

The close marks a setback for many investors who hoped the Nov. 20 finish would mark the low point of the market’s extended decline from its October 2007 highs.

The Dow lost 89.68, or 1.2 percent, to end at 7,465.95,to close at their lowest level since Oct. 9, 2002, the last bear market low.

Broader indexes also fell. The Standard & Poor’s 500 index ended down 9.48, or 1.20 percent, to 778.94, but finished above its Nov. 20 low of 752.44.

The technology-heavy Nasdaq composite index suffered the biggest hit Thursday after Hewlett Packard Co. tumbled 7.9 percent after posting worrisome results. The Nasdaq fell 25.15, or 1.71 percent, to 1,442.82.

Persistent worries about financial and technology stocks weighed on the market, with steep dropoffs in financial bellwethers like Citigroup and Bank of America leading the way downward. Both stocks ended down about 14 percent.

The market’s inability to rally also signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades.


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