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Dow Enters Bear Market

Nasdaq also falls more than 20% from its high

By Nick McMaster, Newser Staff

Posted Jul 2, 2008 3:33 PM CDT

(Newser) – Skidding stocks sent the Dow and Nasdaq into bear territory as oil hit a record near $144 a barrel, the Wall Street Journal reports. Besides oil, bad news from GM and weak jobs data darkened the street’s mood. The Dow fell 166.75 points to 11,215.51, down 20.8% from its record high in October. A drop of 20% is the traditional threshold for a bear market. The Nasdaq fell 53.51 points to 2,251.46, and the S&P 500 fell 23.38 points to 1,261.53.

GM plummeted 15% after Merrill Lynch analysts downgraded its stock and said bankruptcy was possible. ADP reported that private-sector firms cut 79,000 jobs last month, the most since November 2002. "As long as oil is going higher every day, it's difficult to say that we will hit a bottom,'' said one analyst.

A floor trader at the New York Stock Exchange watches a television interview with former NYSE Chairman Richard Grasso, Wednesday, July 2, 2008. (AP Photo/Richard Drew)

Trader David Williams works on the floor of the New York Stock Exchange, Wednesday, July 2, 2008. (AP Photo)

Traders work on the floor of the New York Stock Exchange, Wednesday, July 2, 2008. (AP Photo/Richard Drew)

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Dow Enters Bear Market

Nasdaq also falls more than 20% from its high

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Stocks Plummet; Dow Falls 281

Dow blows by Tuesday low

On Mixed News, Modest Gains

Crude falls, durable goods rise, but foreclosures also climb

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Markets Mixed in Light Trading

Perked-up GM helps send Dow into holiday weekend on gain

$142 Oil Drives Stocks Down

New crude record hampers recovery from Thursday's fall

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Dow Enters Bear Market

Nasdaq also falls more than 20% from its high

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OTHER STORIES ON OUR RADAR

NASDAQ • Dow Jones • General Motors • employment • bear market • oil price • crude oil • S&P 500

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Plummet; Dow Falls 281

Dow blows by Tuesday low

On Mixed News, Modest Gains

Crude falls, durable goods rise, but foreclosures also climb

Dow Sinks Below 11K

Fannie, Freddie continue to sink; regional banks hit hard

Markets Mixed in Light Trading

Perked-up GM helps send Dow into holiday weekend on gain

$142 Oil Drives Stocks Down

New crude record hampers recovery from Thursday's fall

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?