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Dow Slips Below 10,000, Sets up Worst Week in 11 Years
The prospect of the economic slowdown spreading around the globe shook Wall Street Wednesday, sending the Dow Jones industrials below 10,000 and setting the blue chip index up for its worst week in more than 11 years.
The fears on U.S. markets matched those on exchanges in Europe and Asia ¡ª that slowing economies will continue to hurt corporate profits and, in turn, stock prices. The Dow fell 317.34 to 9973.46, recovering some ground after an earlier 395-point slide. But the losses easily wiped out Tuesday's 82-point advance and compounded Monday's 436-point drop. Broader market indicators also skidded Wednesday.
The Nasdaq composite fell 42.68 to 1972.10, while the Standard & Poor's 500 tumbled 30.95 to 1166.71.
It was the first time since Oct. 18 that the Dow closed below 10,000.
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