|Continued concerns regarding the credit crisis, a slowdown in consumer spending, and a further weakening of the US economy sent the Dow down more than 7% on the day. Today also marks the one-year anniversary of the current correction. The Dow put in its record high of 14,164.53 back on October 9, 2007. Today, the Dow closed at 8,579.19 -- down 39.4% from its one year old peak. For some perspective on the magnitude of the current decline, today's chart illustrates how the Dow performed during the first year of all major corrections since 1900. As today's chart illustrates, the first year of the current correction has been more severe than the first year of any correction since 1900 -- and that includes the correction that began in 1929.Notes:
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Quote of the Day"It's a recession when your neighbor loses his job. It's a depression when you lose your own." - Harry S. Truman
Events of the DayOctober 13, 2008 - Columbus Day (observed)
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