Dow Jones Dips Below 10,000
October 17, 2009 by Mark Ellis
Filed under Business
After two straight sessions closing above 10,000, the Dow Jones industrial average fell 67 points, or 0.7 percent, to close under the level that has long been a psychological milestone for investors. The first part of the week had been very positive for investors, but General Electric and Bank of America’s disappointing quarterly results were enough to keep investors at bay.
The S&P 500 index fell 9 points, or 0.8 percent, while the Nasdaq composite fell 16 points, or 0.8 percent, signaling a disappointing end to a promising week, one that saw stocks rise to year-high levels, and then some.
Analysts say that the reason investors backed off at the end of the week stems from disappointing corporate results from several leading companies, with revenue results largely weak across the board and credit losses plaguing the financial sector. However, the long-term performance of the stock market is a promising sign that the economy is on its way to a full recovery, with the S&P 500 having gained 60.8 percent from its 12-year low on March 9 of this year.
Image: Flickr
