NEW YORK — Nearly a week after setting the worst one-day point drop in history, the Dow Jones Industrials broke that record today, plunging 800 points, and then recovering some of that ground and closing down nearly 370 points.
Worried investors appear not to have much confidence in $700 billion rescue plan passed last week and as a result, the markets have taken a beating for most of today, the Associated Press reported. For the first time since 2004, the Dow dropped below 10,000 with all the major indexes falling more than 7%.The Dow Jones Industrial Average closed at 9,955.50, down 3.58%, or 369.88 points. The other major market indexes posted similar percentage loses at the close.
Despite some advisers' suggestions to stay in it for the long haul, investors are selling stocks at a record pace, according to the AP. That has been evident on the New York Stock Exchange as 3,155 stocks dropped and only 67 rose today. Stocks are also on a downward spiral in Europe and Asia, according to the news wire.
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"The fact is people are scared and the only thing they're doing is selling," Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, told the AP. "Investors are cleaning out portfolios and getting rid of everything because nothing seems to be working."
On Sept. 30, the Dow Jones industrial average fell 778.8 points following legislators initial rejection of the $700 billion plan to revive the nation's financial system.
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