Dow Jones Closes Down by 495 Points

by Jordan Yerman | October 22, 2008 at 10:06 am

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Update: Trading ended moments ago as the Dow Jones closes down by 495 points, ending a grim day. Bad economic new s greeted the opening bell, and trading trends reflected that, with oil prices dropping. The Dow closed at its lowest since 2003.

Markets are down around the world today as a vicious circle of bad economic news makes the rounds at each opening bell. The Canadian dollar is down, as well as the Pound Sterling, driven by utterances of the "R-word" in Britain, and the Dow Jones began the day on the back foot.

"We have earnings reports, but most of those are in the rearview mirror, so what people are left with is rumors, innuendos and fears," said James Paulsen, chief investment strategist for Wells Capital Management. "You don't have shock to the system like we've had and then go straight to stability."

The Toronto Stock Exchange's composite index was down about 270 points, or three per cent, to just above 9,500. In the U.S., the Dow Jones industrial average was off by 280 points, or three per cent, at 8,750. The Nasdaq composite index was down 30 points, two per cent, to 1,660.

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