Dow Is Off 7,401.24 Points From Its Record High in '07

The Dow Jones Industrial Average tumbled through the 7000 level shortly after the open, then through 6900 and 6800 to finish at 6763.29, down 299.64, or 4.2%. The Dow has fallen 7,401.24 points from the October 2007 record, a 52% drop.

All 30 Dow components fell. Though the financial sector's woes continued to hold center stage, the energy sector also was a loser, hurt by a 10% slide in oil prices as traders bet on further declines in demand.

Prices for Treasury securities rose, and yields fell, as investors sought the safety of government debt. But gold, which had been strong, slipped for a sixth day.

Some market participants are beginning to talk about a possible bottom around 6000 for the Dow, said Doreen M. Mogavero, president of New York floor brokerage Mogavero, Lee & Co. "This market will only stop [falling] when people run out of stock to sell," she said.
Read More

by: By PETER A. MCKAY
WSJ