Below 7,000 since 1997.
Not good. But in all honesty the stock market has been over inflated anyway. Is this the market correcting itself? I think so. But it is also a strong indicator that folks have lost massive amounts of money in their 401Ks.
Is this Obama's fault? No, but Tim Geither has not been the best spokesman for the financial market either. In other words, he has not helped much.
A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.
The Dow Jones industrial average plummeted below 7,000 at the opening bell and kept driving lower all day, finishing at 6,763 — a loss of nearly 300 points. Each of the 30 stocks in the index lost value for the day.
And the Standard & Poor’s 500 stock index, a much broader measure of the market’s health, dipped below the psychologically important 700 level before closing just above it. It hadn’t traded below 700 since October 1996.