Rally Over? Stocks Fall Again
March 5, 2009 by Stephen Kersey
Filed under Business
After a bit of optimism hit the stock market world on Wednesday, the bad news returned on Thursday. With the market tumbling today, that makes it six poor days out of the last seven.
Empty Wallet - Source: Flickr
In fact, Thursday was such a bad day in the stock market that it wiped away the positive gains that occurred on Wednesday. The Dow Jones industrial average fell to 6,594.4, a loss of more than 280. The Dow hasn’t been this low since the middle months of 2007.
The Standard & Poor’s index also dropped a little bit more than 4% to land on 682.6. The S&P is as low as it has been since 1996. The NASDAQ index fell around 4% as well, while the Russell 200 dropped almost 6% on the day.
Virtually every industry felt the sting on Thursday. The biggest losers were General Motors and a number of the companies in the struggling banking industry including Wells Fargo, JPMorgan Chase and Bank of America. Each of those three banks dropped at least 11% on the day. GM, on the other hand, fell more than 15%.
While some stock market experts think that the market may be nearing a bottom, other experts believe that the Dow Jones industrial average could end up at around 5,000 before the rebounding begins.
Source: Wire Reports
