Dow Testing November Lows
Despite how bad the news has been over the past few months -- post-holiday bankruptcies continue to pile up, the unemployment rate rises, state governments struggle to meet payrolls -- one positive has endured: The Dow Jones has kept its head above its November trough.
That one fact had given hope to optimists looking for a market bottom as a sign of the beginning of a turnaround.
Well, that last bit of good news might evaporate today.
On Nov. 20, the Dow closed 7552.29. The next day, the Dow dipped lower to 7392.27 before rallying to close at 8046.42.
Today's opening-bell dive has sent the Dow back down to its November lows.
As the first 90 minutes of trading concludes today, the Dow is down some 261 points, or more than 3 percent, at about 7598, only about 45 points above its Nov. 20 close.
One of today's only winners so far is retail giant Wal-Mart, whose fourth-quarter earnings beat Wall Street estimates this morning and which is considered a defensive stock in recessions, owing to its low prices.
February 17, 2009; 10:48 AM ET
Categories: The Ticker | Tags: Dow Jones
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