Wall Street Tumbles Anew As Financials Slide

By: Associated Press
By: Associated Press

The Dow Jones industrial average has fallen below 7,000 for the first time in more than 11 years.

The market, battered by the recession and worries about financial companies, tumbled again Monday after insurer American International Group Inc. posted a staggering $61.7 billion in quarterly losses and accepted another bailout from the government.

According to preliminary calculations, the Dow is down nearly 300 points at 6,763.06. It is the Dow's lowest finish since April 25, 1997.

The Standard & Poor's 500 index is down 34 at 700, while the Nasdaq composite index is down 55 at 1,322.

About 15 stocks fell for every one that rose on the New York Stock Exchange. Volume was a heavy 1.96 billion shares.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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