(October 6, 2008)—Monday was a gut-wrenching on Wall Street where at one point the Dow was down 800 points after large declines in global markets.
At the bell, the Dow was down 316 and after final trades were tallied, preliminary data indicate the Dow closed at 370 points, dropping to 9,995, the first close below 10,000 in four years.
The S&P fell 42 points to 1,056.
The Nasdaq composite dropped 84 points to 1,862.
Declining issues outnumbered advancers by a more than 10 to 1 margin.
Volume on the NYSE came to 7.6 billion shares.
Nasdaq stock market volume was 3.4 billion shares.
Light, sweet crude for November delivery fell $6.07, or 6.4 percent, to settle at $87.81
Investors around the world have been selling off stocks as they realize that financial systems in the United States and other countries need more than government bailouts to fix them.
Meanwhile, credit markets remain stagnant, a sign that banks are too afraid to lend.
The Federal Reserve is making more money available for borrowing, but no one expects the credit markets to ease up anytime soon.
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