Dow Jones Closes at 6-Year Low

The Dow Jones industrial average slid 89.68 points, or 1.19 percent, to 7,465.95. The Standard & Poor's 500 Index fell 9.48 points, or 1.20 percent, to 778.94.

At noon, the Dow was down 56 points, or 0.7 per cent, to 7,500. While that is still 50 points above its November intraday low, it is 2 points shy of the low close.

However, investors who follow these technical developments will be quick to point out that the broader S&P 500 – arguably a better gauge of the U.S. stock market – remains in better shape.

Total benefit rolls surged by 170,000 in the week ended Feb. 7, the Labor Department reported today in Washington.