Stock Bloodbath Continues, Dow Below 8,000

November 19, 2008 5:51 PM EST

The bloodbath in stocks continued today with the Dow sinking 5% to 8,000, the lowest level since 2003. The S&P 500 tumbled 6% to 806 and the Nasdaq fell 6.5% to 1,386.

Concerns about commercial mortgage backed securities had financials stocks scrambling again today, with the main ETF tracking the sector, Financial Select Sector SPDR (AMEX: XLF), sinking 10.5% to a new 52-week low. Citigroup (NYSE: C) sank 23%, a new 13-year low. Goldman Sachs (NYSE: GS) fell 11% to $55.18, its lowest level since is 1999 IPO.

The automakers continued to plead their case for cash in Washington today. The tough line of questioning had investors nervous about the funding and sent shares lower. General Motors (NYSE: GM) fell 10% to $2.79 and Ford (NYSE: F) fell 25% to $1.26.

Even legendary investor Warren Buffett had a rough day, with shares of his Berkshire Hathaway (NYSE: BRK.a) falling 12%, the lowest level in 23 years.

The FOMC released the minutes from the October 28-29 meeting, showing Fed policy makers predicted that the U.S. economy will contract through the middle of 2009. Some members were prepared to lower interest rates further to respond to the dramatic slide in the economy. They also indicated they are prepared to due whatever is necessary to support the economy.

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• Warren Buffett
• Goldman Sachs
• Citi
• Federal Open Market Committee
• Standard & Poor's

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