Dow Drops Below 7000

By Kevin Spak,  Newser Staff
Posted Mar 2, 2009 8:45 AM CST
People walk to work in the snow as they pass the flag-draped New York Stock Exchange Monday, March 2, 2009.   (AP Photo/Mark Lennihan)
camera-icon View 2 more images

(Newser) – Stocks sunk below 7000 at the open today, extending a global selloff fueled by trouble in financials. The Dow was off 161 points by mid-morning, while the S&P tumbled 2.5%, the Nasdaq 1.9%. Bad news abounded, with HSBC saying it planned to limit US lending, AIG’s bailout expanding, and Warren Buffett telling investors that the economy would be in “shambles” this year.