Market Melt Down: Dow Has Lowest Close Since 1997, S&P 500 Since 1996

The relentless market sell-off continued today with the Dow closing below the 7,000 level for the first time since 1997, officially ending the session off 4.2% to 6,763. The S&P barely closed above the 700 level, finishing down 4.7% to 700.82, its lowest level since October 1996. The Nasdaq sank 4% to 1,323.

Any hope for the market finding support is eroding, as $10.4 trillion in equity value has already vanished.

AIG's (NYSE: AIG) disastrous $62 billion quarterly loss and fourth government bailout, HSBC's (NYSE: HBC) declining income and rights offering, and Warren Buffett's letter warning that the economy will be "in shambles" this year were all unsettling to investors.

You May Also Be Interested In

• Lowe's (LOW) PT Lowered to $275 at Guggenheim
• Raymond James sees positive earnings trends across market caps
• Wells Fargo Starts Vivmark Residential (VMRK) at Overweight, 'Setting the mark for growth'