Bad news, economy fans. This morning the Dow Jones Industrial Average crossed from the eighth to the ninth circle of financial hell…
Investor concerns about financial companies and worries about Friday’s unemployment report continued to erode the markets on Monday as the Dow Jones industrial average fell below 7,000 for first time since October 1997.
The government on Monday morning agreed to provide another $30 billion to the insurance giant, American International Group, which also reported a $61.7 billion loss. On Friday, Washington took a larger stake in Citigroup.
(Just imagine the scene if AIG were still in the Dow Jones Industrial Average.)
Anyway, this statistic today is exceptionally horrible, because 7,000 is one of the magic numbers that the Dow is never supposed to cross, ever, for the simple reason that we have all agreed to freak out about 7,000 instead of 8,000 or 6,500 or 5,973.
On the bright side: thirteen years from now, when the Dow inches up past magic number 312, people will be dancing in the streets.
Tags: Dow Jones, Economy