July 10, 2008
US stocks slumped decisively into bear market territory on Wednesday as investor sentiment buckled on concerns about the health of the financials sector and fears that slowing economic growth would hurt earnings at technology firms.
Nine of the ten leading industrial sectors fell, knocking the benchmark S&P 500 down 2.3 per cent to 1,244.63 – its lowest level since July 2006 and its first bear market since 2002.
The Dow Jones Industrial Average dropped 2.1 per cent to 11,246.06 while the Nasdaq Composite slipped 2.6 per cent to 2,234.89.
All three leading indices closed down more than 20 per cent from their recent highs.
Wall Street stocks rallied the most in a month on Tuesday as falling commodity prices boosted consumer-facing stocks and comments from the chief executive of JPMorgan that the credit crisis would ease helped financials roar ahead.
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