Dow Off 251; Lowest Close Since '97

Financials do better on reports of that nationalization will be gentle
By Nick McMaster,  Newser Staff
Posted Feb 23, 2009 3:09 PM CST
Specialist Michael Sollitto works on the floor of the New York Stock Exchange in this undated file photo.   (AP Photo)
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(Newser) – Stocks fell today as concerns about waning global demand sank shares of giants like IBM, Hewlett-Packard, General Electric, and Alcoa, the Wall Street Journal reports. Citigroup bucked the trend on reports that a government takeover wouldn’t wipe out shareholders, and rose 11%. The Dow fell 250.89 to 7,114.78. The Nasdaq lost 53.51 to close at 1,387.72, and the S&P 500 fell 26.72, settling at 743.33—its lowest close since 1997.