Dow Punches Through 7000 Floor for First Time Since 1997
The markets dove at the opening bell in a broad sell-off, sending the Dow through the 7000 floor for the first time since October 1997.
The markets are responding to increasing worries about the health of banks and other major financial institutions around the world.
This morning, troubled insurance giant AIG announced it would get another $30 billion in taxpayer money.
Overseas, HSBC reported a 70 percent drop in 2008 profit and said it will cut 6,100 jobs and try to raise $17.7 billion.
In the first 15 minutes of trading, the Dow is down 108 points, or 1.5 percent.
The broader S&P 500 is down 1.7 percent and the tech-heavy Nasdaq is down about 1.2 percent.
-- Frank Ahrens
The Ticker is Twittering!
By
Frank Ahrens
|
March 2, 2009; 9:46 AM ET
Categories:
The Ticker
| Tags: Dow Jones, nasdaq, s&p 500
Save & Share:
Previous: Buffett: 'I Did Some Dumb Things' in 2008
Next: U.S. Manufacturing Contracts Again in February
Posted by: upgp46 | March 2, 2009 10:05 AM | Report abuse
The comments to this entry are closed.
wow, 6 weeks in office and the nation is headed down the tubes. great job in leadership by the new administration. whats next, we go to the United Nations and ask for aid as a third world country ?