That means it's down 7 and a half percent for the year and 15 percent from its all-time high two Januarys ago. We've been calling around the explanations include the generally bleak mood, the uncertain economy, and even cracking sounds coming from underneath Japan's economy. Marketplace's Michelle Brier has more. More worries about corporate earnings, a looming banking crisis in Japan, and General angst about the US economy. Alan Skranka, Chief Market Strategist for Edward Jones Investments offers another explanation.
Fear has the upper hand for now.
Now they are selling out of a sense of panic. Nearly all thirty components of the Dow Jones Industrial Average closed lower today - with banks and financials among the hardest hit. Citigroup slid 6.5 percent, and JP Morgan dropped almost seven percent. When you can't sell what you want to on Wall Stree, you sell what you can. In New York, I'm Michelle Brier for Marketplace.