Dow within points of lowest closing in bear market
February 17, 2009 at 4:36 pm by Wayne GarciaThe Wall Street Journal reports:
A broad-based stock selloff knocked the market within reach of its bear-market closing lows on Tuesday.
The Dow Jones Industrial Average ended down 297.81 points, or 3.8%, at 7552.60, less than a point away from the five-and-a-half year closing low of 7552.29 hit on Nov. 20, 2008. It was led downward by steep losses for its banking components.
“The financials are still the biggest concern for this market,” said Wachovia Securities strategist Al Goldman. “A lot of investors are still worried about possible nationalization of some banks,” despite assurances by chief executives and government officials that such a move is not imminent.
