Dow plunges below 8,000


Stocks fell hard today, with the Dow closing below 8,000 for the first time since March 2003, as ongoing anxiety about the economy and uncertainty about the future of the auto industry weighed on the market.

The Dow Jones industrial average shed more than 400 points to close 5% lower. All 30 Dow components lost ground.

The market is fearful of the fallout from the credit crisis and the global economic slowdown," said Todd Salamone, market strategist at Schaeffer's Investment Research.

Those fears were writ large in the plight of the nation's automakers. Investors are grappling with a possible bankruptcy in the automotive industry, something analysts say could have dire implications for the broader economy, as a second day of congressional hearings on the matter ended without resolution.

(Via CNN Money)

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