Dow falls 300Points, Now Under 10,000-- Market Report - Oct. 6, 2008
Stocks tumbled Monday, with the Dow Jones industrial average falling below 10,000 for the first time in nearly four years, as European governments' rush to prop up failing financial firms underscored the global reach of the credit crunch.
Credit markets remained tight, with two key measures of bank jitters hitting an all-time high. Treasurys rallied, lowering the corresponding yields as investors sought safety in government debt. Gold rallied for the same reason. Oil dipped. The dollar was mixed versus other major currencies.
The Dow Jones industrial average (INDU) lost around 350 points or 3.5% in the early going, and fell below 10,000 for the first time since Oct. 29, 2004. The Standard & Poor's 500 (SPX) index and the Nasdaq composite (COMP) both lost more than 4%.