| Continued
concerns regarding the credit crisis, a slowdown in consumer spending,
and a further weakening of the US economy sent the Dow down more than
7% on the day. Today also marks the one-year anniversary of the current
correction. The Dow put in its record high of 14,164.53 back on October
9, 2007. Today, the Dow closed at 8,579.19 -- down 39.4% from its one
year old peak. For some perspective on the magnitude of the current
decline, today's chart illustrates how the Dow performed during the
first year of all major corrections since 1900. As today's chart
illustrates, the first year of the current correction has been more
severe than the first year of any correction since 1900 -- and that
includes the correction that began in 1929. |
