Stocks plunged to fresh 12-year lows Thursday as investors waded through more grim news: GM said its survival is in doubt, bank shares took a beating, and Citigroup fell below a buck.
Adding to the global woes: China defied expectations by failing to boost its economic stimulus program.
The Dow Jones industrial average (INDU) fell 281 points, or 4.1%, to close at 6,594.44, ending at the lowest point since April 15, 1997. The Dow has now fallen 14 of the last 18 sessions.
The Nasdaq composite (COMP) fell 54 points, or 4% to close at 1,299.59, ending at the lowest point since 1279.24 on March 12, 2003, at the bottom of the previous bear market.
The S&P 500 (SPX) index lost 30 points, or 4.2%, closing at 682.55, the lowest finish since Sept. 18, 1996...
ince closing at a record 14,164.53 on Oct. 9, 2007, the Dow has fallen 53% as of Thursday's close. Since closing at a record 1,565.15 on Oct. 9, 2007, the S&P 500 has fallen 56% as of Thursday's close.
Since hitting a bull-market high of 2,859.12 on Oct. 31, 2007, the Nasdaq has tumbled 54.5% as of Thursday's close. But the Nasdaq has never come near its record of 5,048.62 hit on March 10, 2000, at the apex of the Internet boom.
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