The Dow Jones Industrial Average has not closed below 10,000 since 2004. Today it might. Well below. As of a little past 9 AM PST, the Dow is down just over 470 points to 9,854.59. The market is seeing a continuation of the bloodbath it saw last week when the Dow fell nearly 1,000 points.
Today, Microsoft, which has largely been insulated from the massive hits its rivals have taken, is one of the largest losers, down $1.81 (6.88 percent). Apple is down $6.10 (6.28 percent), Yahoo is down $0.71 (4.44 percent), Sun Microsystems is down $0.42 (6.22 percent), Google is down $20.26 (5.25 percent), IBM is down $4.32 (4.18 percent), HP is down $2.51 (5.84 percent), Sony is down $1.17 (6.11 percent), Nokia is down $1.42 (8 percent), SanDisk is down $2.02 (11.04 percent), eBay is down $1.35 (7.13 percent).
I think you get the point.
While the reason for most of the tech losses can likely be attributed to the overall poor form of the market, eBay is leading the surge downward after it announced it would cut 1,000 jobs this morning. Its stock is at its lowest level in six years.
Meanwhile, Yahoo’s price target for its stock has been slashed from $24-a-share to $21-a-share by Sanford Bernstein analyst Jeffrey Lindsay. The analyst feels the likelihood of a deal between Yahoo and Time Warner to merge the Internet giant with TW’s AOL property remains relatively low, according to CNET.
The online and DVD-by-mail service Netflix meanwhile is getting killed today (down over 10 and a half percent) because it cut its fourth-quarter revenue estimates thanks to the bad economy. We can probably expect a lot more of that in the coming days.
Update: The Dow is now down over 700 points as of 11:30 AM PST. Right now it’s at 9,620.34, which means it has nearly lost 2,000 points in less than a month. On September 8, the market closed at 11,510.74.
The Nasdaq continues to have even worse losses. It is currently down 154.42 points, right around 8 percent off (the Dow is off nearly 7 percent).
Update 2: After bottoming-out at 9525.32, the Dow rallied to close at 9,955.50 — “only” down 369.88 points (3.58 percent). It still could not get above the 10,000 mark at close for the first time in nearly 4 years.
The Nasdaq rallied a bit as well. After bottoming-out at 1,777.02, it ended down 84.43 points at 1,862.96 (a loss of 4.34 percent).