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Dow Takes It on the Chin

Oct 3rd, 2011 15:09 by News

03-Oct (The Wall Street Journal) — Stocks opened the fourth quarter with a rout that left major indexes setting 2011 closing lows, as worries over Greece overshadowed stronger-than-expected U.S. manufacturing activity.

The Dow Jones Industrial Average dropped 258.08 points, or 2.4%, to 10655.30. Selling accelerated throughout the trading session, with stocks finishing at their lows of the day. The blue-chip index set a 2011 low, wiping away the previous level hit on Aug. 10.

The Standard & Poor’s 500-stock index slipped 32.19 points, or 2.9%, to 1099.23. All 10 of the index’s sectors closed in negative territory, led lower by declines in financial and energy stocks. The index, which also set a 2011 closing low, is down 19% from its high point for the year. It only is nine points from bear-market territory, considered a drop of at least 20%.

Author key: MK - Michael J. Kosares; GC - George Cooper; PG - Peter A. Grant; JK - Jonathan Kosares; RS - Randal Strauss. [see also 12 yrs of Discussion Archives]

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