Dow Down 700, Hits 4-Year Low

'This is just about fear right now'
By Kevin Spak,  Newser Staff
Posted Oct 6, 2008 1:58 PM CDT
A man passes the New York Stock Exchange on Oct. 2, 2008.   (AP Photo)
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(Newser) – Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200 or 900 points,” said one trader. All 30 of the index's stocks were in the red.

The S&P and Nasdaq also tumbled, down 7.94% and 8.53% respectively. The fall came despite both the bailout plan and more moves by the Fed to ease markets by paying interest on commercial bank reserves and expanding its lending program. “It's hard to be bullish based on monetary policy or bailouts alone,” said one market researcher.