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Dow Hits Five Year Low
NEW YORK (CNNMoney.com) -- Wall Street's drubbing continued Tuesday, with a 500-point loss bringing the Dow's two-day slump to nearly 900 points, as the Federal Reserve's plan to loosen credit markets failed to temper investor pessimism.
Fed Chairman Ben Bernanke's dour economic outlook in an afternoon speech added to the day's weakness. And a report showed consumer borrowing in August fell for the first time since January 1998.
The Dow Jones industrial average (INDU) lost 508 points or 5.1%, closing at the lowest point since Sept. 30, 2003.
The Standard & Poor's 500 (SPX) index fell 5.7% and closed below 1,000 for the first time since Aug. 27, 2003. The Nasdaq composite (COMP) lost 5.8% and ended at its lowest point since Aug. 18, 2003.
"There is this feeling that no matter what is done, it won't be enough, " said Darin Pope, chief investment officer at United Advisors of Secaucus, N.J.
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I'm (sic) not cynical, I just haven't been around long enough to be Jedi mind-tricked by politics as usual. Alas, maybe in a few years I'll be beaten back into the herd. tstew
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