|Poor retail sales, doubts about GM's viability, and a clarification by the Chinese government that they would not add to its current $585 billion stimulus plan as some had hoped yesterday all helped push the market down 4% on the day. As a result of today's decline, the Dow closed at a new bear market low. The Dow is currently down 53.4% since peaking in October 2007. To put the magnitude of the current correction in perspective, today's chart illustrates the 15 worst corrections of the Dow since its inception in 1896. As today's chart illustrates, the current Dow correction already ranks as the second worst on record. Only the correction that began in 1929 was worse.Notes:
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Quote of the Day"Not only our future economic soundness but the very soundness of our democratic institutions depends on the determination of our government to give employment to idle men." - Franklin D. Roosevelt
Events of the DayMarch 07, 2009 - Iditarod begins
March 08, 2009 - Daylight Saving Time begins (US)
March 17, 2009 - St. Patrick's Day
March 19, 2009 - NCAA men's basketball championship
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