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Chart of the Day
Continued concerns regarding the credit crisis and recession sent the Dow down 1.2% on the day, resulting in a new bear market low. The Dow put in its record high of 14,164.53 back on October 9, 2007. Today, the Dow closed at 7,465.95 – down 47.3% from its peak made 499 calendar days ago. For some perspective on the magnitude of the current bear market, today's chart compares the current, 499 calendar day old Dow correction to that of all other Dow corrections, 499 calendar days after their respective peak (and that were still ongoing). Today's chart illustrates that, at this stage, the current correction has been by far the most severe correction in the post-World War II era and the second most severe correction since 1900. The only correction that was down more at this stage was the correction that began in 1929.
Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
Source - Dow Jones
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Quote of the Day
"Let me remind you that credit is the lifeblood of business, the lifeblood of prices and jobs." - Herbert Hoover
Events of the Day
February 22, 2009 - Academy Awards
February 24, 2009 - Mardi Gras
February 25, 2009 - Ash Wednesday
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