The index fell below 7,000 for the first time since 1997.
Wired PR News.com – The Dow Jones industrial average fell to its lowest point in 12 years on Monday. As reported by the Associated Press (AP), a massive sell off spurned by investors worried about the instability of the financial system caused the index to finish at 6,763 points, the lowest value since 1997.
In line with growing fears that the worst is yet to come, Bill Strazzullo, a chief strategist for Bell Curve Trading, is quoted in the report as stating, “As bad as things are, they can still get worse, and get a lot worse,” anticipating the possible fall of the Dow to 5,000.
As noted by the AP, many speculate the troubles for Wall Street will continue until financial institutions begin to show signs of health.
The Standard & Poor’s 500 also fell significantly to record lows at below 700 on Monday.