Dow down 500 points

| 7 October 2008 16:39

So it does seem like we are experiencing a crash. While today’s loss was less than the Dow’s 777 point debacle 8 days ago, the breadth of decline was stunning. Every component of the Dow was down on the day.

In the S&P500, only 18 of 500 components were up on the day. The other 482 components lost value.

Again, financials were the biggest losers with the likes of Bank of America and Morgan Stanley down over 25% on the back of BofA’s ugly earnings report.

The Dow is now below 9500 and it’s anyone’s guess where we are headed from here. See the chart below for the biggest losers in the S&P 500.


Source
S&P 500 Index Members – Bloomberg

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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