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Dow industrials fall below 7,000; lowest since ‘97
Associated Press
Monday, March 2, 2009
The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grew pessimistic about the health of banks, and in turn the economy.
The Dow hadn’t traded below 7,000 since Oct. 28, 1997, and last closed below that mark on May 1 of that year. 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.
Investors are again fleeing stocks in response to bad news about financial companies. The government said it would give American International Group Inc. another $30 billion in loans, in addition to the $150 billion it has already given the insurer. AIG also said it lost a record $61.7 billion in the fourth quarter.
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19 Responses to “Dow industrials fall below 7,000; lowest since ‘97”
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March 2nd, 2009 at 9:11 am
That’s a tough break, maybe Warren Buffet or Bill Gates can ride the rails and eat out of trash cans like I had to.
meanjean Reply:
March 2nd, 2009 at 3:58 pm
My God, are you all right now?
john brutza Reply:
March 4th, 2009 at 3:58 pm
Meanjean: Thank-you for replying in regards to my message. To tell you the truth, I’m not doing much better but at least for now I’m not traveling cross country via the Southern Pacific Railroad. Some of the poverty I saw when I was hopping freight trains really burn me up. My American oddessy has not been of Wall Street and the self-centered greed that seems to permenate American society. When I hear that the stock market is falling, all I have to think about “tent city” in Phoenix and the poor people living in such squalor and pain. It hurts me to see Americans having to live that way and it makes me sick to know that some people ( like Bill Gates and Warren Buffet ) have so much and others have so little. But you sound like a decent person for caring and I would like to thank-you for that. Sincerely John Brutza
meanjean Reply:
March 6th, 2009 at 4:41 pm
I’m glad you replied and your compassion is overwhelming & your assessment is right on the mark; I wish to ask a question of you that’s personal for me not you, I would never butt in your sad business except to ask if you’re ok. If you would please- jbush@lycos.com and if you can’t then good luck to you always.
john brutza Reply:
March 4th, 2009 at 4:00 pm
Observer: Thank-you for caring. John Brutza
March 2nd, 2009 at 9:32 am
Gerald Celente is fond of saying ‘What’s bad for Wall Street is good for Main Street’.
I would like to see how that plays out; it may now be time for Mr. Celente to amplify and clarify his comment.
March 2nd, 2009 at 9:39 am
The more they bailout and give away the lower the market sinks! Will these half-wits ever figure this out?????
Read the latest lunacy from Paul Krugman; it’s the fault of Asian savers that we in such a mess, the Asians saved too much money. This guy deserved the Nobel Prize for Stupidity!
March 2nd, 2009 at 9:56 am
It’s gonna completely crash sooner or later and I’d rather it just crash now and be done with it. The whole system has to collapse before anything really changes.
anon Reply:
March 2nd, 2009 at 9:42 pm
Aye. Just kill the damn thing already, no need to let a horse with a broken leg suffer.
March 2nd, 2009 at 9:59 am
Sheeit, I don’t knows nuthin’ about dis stock market shit. Fugin white man and hiz wall street crazy shit.
March 2nd, 2009 at 9:59 am
The market is not impressed with Obama and his massive deficit spending ideas to move the country towards gov’t dependency. It’s really a shame to see everything falling apart economically like it is. Just think of all the people who were within a cats whisker of retiring and now their 401K’s have been cut in half. Very few people have not lost money in this market.
March 2nd, 2009 at 10:16 am
Obama is a fraud.
March 2nd, 2009 at 10:17 am
Finally a PrisonPlanet “news” story without slant, propaganda, misinterpretation, misrepresentation or outright fraud designed to work its minions into a frenzy of hate.
Oh wait, it was written by someone at The Associated Press.
My bad.
Anj Reply:
March 2nd, 2009 at 10:21 am
LOL! However, I bet Paul Joseph Watson has it in his greasy mits right now, putting a “truth” spin to it that will achieve the desired hate frenzy. Like “Obama caught manipulating the Dow Jones figures to enslave Americans” or “Obama celebrates America’s financial failure by eating kittens.” Watch, the truthers will believe it, all without leaving their keyboards.
March 2nd, 2009 at 10:22 am
I’m unconvinced it is related to Obama. Whether he pushes for a bailout or not, the bottom line is the profit. These companies just aren’t producing it or at below anticipated levels. Wal-Mart continues to bleed “main street” dry of business in turn effects Wallstreet.
Just the other day while listening to the radio in the car, I hear “Now is the perfect time to buy stocks and hold on to them. The prices have never been better.” With paid pimps like these on the radio, all that’s happening is delaying the inevitable, a more painful collapse.
Dilbert McGunnut Reply:
March 2nd, 2009 at 6:54 pm
But it IS the perfect time to buy stocks! Only if you want to kiss it goodbye. The bottom has not arrived yet and lots of companies will still go under. You can’t eat your stocks.
March 2nd, 2009 at 11:16 am
The banking sector and Wall Street are inseparable. The Banks in both the US and the UK are now technically bankrupt. And today the Dow has dropped below the 7000 mark.
The next bench mark for the Dow Jones will be the six thousand barrier. And so it will continue.
It’s all over. Just like Bush and Obama are one of the same………
The Republicans and The Democrats are – likewise – one of the same –
And in the United Kingdom – the Labour Party and the Conservatives are one of the same – same factions of the same party -
The people are sadly under the illusion they actually have a choice in the matter of things…
US stocks will collapse very shortly.
March 2nd, 2009 at 7:10 pm
Great Post, this stuff really is the next wave of the future.
March 2nd, 2009 at 10:51 pm
I could care less about how much $$$ the greedy have lost, if you allowed crooks to buy stocks with your 401k in hopes of a gain then you deserve it. I love watching the greedy cry while im unaffected by any of this BS. Gas pricees drop? good for me! auto company’s forces to bargain bin the cars they make? awww too bad! just goes to show a few rotten apples can spoil everything. now they cant even take their worthless blood money to their grave.