Dow Closes Below 9000

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Last updated at: (Beijing Time) Thursday, July 11, 2002

Dow Closes Below 9000

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Investors hit by yet another disappointment, this time brokerage downgrades of General Motors and Ford, bailed out of stocks again Wednesday, sending the Dow Jones industrials down more than 280 points to close below 9000 for the first time since October.

The Nasdaq composite and Standard & Poor's 500 indexes hit five-year lows as bookkeeping scandals and poor prospects for earnings growth fed a third straight day of heavy selling.

The Dow plunged 282.59, or 3.1%, at 8813.50, after falling 283.41 over the previous two sessions. The Dow last closed below 9000 on Oct. 2.

Before the terror attacks, the Dow had not had a lower finish since Dec. 16 1998 when it stood at 8790.60.

The S&P sank 32.36, or 3.4%, to 920.47, following its two-day loss of 36.20. The S&P last finished lower on Nov. 13 1997, when it stood at 916.66. The Nasdaq fell 35.11, or 2.5%, to 1346.01, having lost 67.24 over Monday and Tuesday. The Nasdaq last closed lower on May 19, 1997, when it was at 1341.24.

Wednesday's big drop added to nearly two months of stunning declines. The Nasdaq has plunged nearly 400 points, or almost 22%, since May 17, the last time the market's major indexes ended a week with gains.

Since then, the Dow has fallen more than 1,500 points, or 15%, and the S&P has lost about 190 points, or almost 17%.

Source: Agencies

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