Dow sinks below 7,000 for the first time since Oct. 1997

March 2, 2009

US (ChattahBox) – The less serious contraction of US factories in February has added little sunshine to the financial gloom that still surrounds a so far record breaking quarterly loss that has overtaken many companies, such as AIG.

Stocks have continued to take a hit as a consequence, as shares are rapidly sold off amidst a worsening crisis which is projected to become even more severe in the coming months. The credit crisis and recession have now slashed half the average’s value since it hit a record high over 14,000 in October 2007.

The .DJI is currently by more then 2%, holding at 6,919.80, a loss of 143.13 points. Investors are once again fleeing financials after the government said it would give insurer American International Group Inc. another $30 billion in loans, besides the $150 billion it has already given the company. And a staggering $61.7 billion in quarterly losses at AIG touched off fresh worries about the health of the nation’s financial system.


Comments

One Response to “Dow sinks below 7,000 for the first time since Oct. 1997”

  1. hsr0601 on March 2nd, 2009 3:11 pm

    ‘World-wide Green New Deal’ will be the solution as it will create jobs for economic activity, and lay foundation for the 21st century energy base as a way of stable, continuous economic growth and prosperity, and the global market is intertwined, above all, the U.S. need to devote its entire efforts to the domestic concerns, there is no room for the other matters such as its extended wasteful, destructive war which has stirred up this economic headache, I think.

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