Dow Jones and S & P 500 fell to levels not seen in almost 12 years Monday as investors continue to fear that government efforts to stem the recession will not be enough.
The Dow Jones industrial average (INDU) lost 250 points, or 3.4%, ending at its lowest point since May 7, 1997. The S & P 500 (SPX) index lost 26 points, or 3.5%, ending at its lowest point since April 11, 1997.
The Nasdaq composite (COMP) lost 53 points (3.7%). The index of fuel technology has remained better than the rest of the market so far this year, the closure of the lowest points since November 20, 2008.
“It is fear-based selling,” said Dave Hinnenkamp, CEO of KDV Wealth Management. “The fact that we are playing these minimum number of years he said he did not know where the bottom of this thing is.”
Stocks gained in the morning on reports that the government can increase its participation in Citigroup briefly calmly, as she fears that the troubled bank would be nationalized. But the early advance petered out quickly, as the concerns of recent weeks returned.
“It’s not just that nobody wants to buy now,” said Ron Kiddoo, chief investment officer for Cozad Asset Management. “The skepticism is back,” said Kiddoo. “I think we need to hear some optimistic talk of our leaders and soon.” Read the rest of this entry »