10/9/08-Panic on Wall Street as Dow Hits 5 Year Low

10/9/08-The Dow plunged 678.91 today to close below 9,000 at 8,579.13; the S&P 500 hit its low for the year dropping 75.02 to close below 1,000 at 909.92, down 35% year to date. NASDAQ closed at 1,645.12 down 95.21. The Ten Year Treasury Note was down $1.19 to close at $101.78 pushing the yield to 3.77%. Oil was down $1.81 to close at $86.62 per barrel. The U.S. Dollar gained .00297 against the Euro so one Euro will buy $US1.36092. Due to slumping auto sales worldwide Standard & Poors placed General Motors (GM 5.26, -1.65) on CreditWatch Negative. As credit markets seize and the economic crisis worsens investors have little confidence that the Fed Reserve's efforts to cut interest rates and the bailout measures will solve this unprecedented global, technologically interwoven, highly leveraged financial deconstruction. That's it for today.