Dow Closes Six-Year Low

Earlier in the afternoon the Wall Street was having trouble shaking off the good start. The Dow and Nasdaq have turned lower at mid-session as the market stretched its latest losing streak to four. The Dow had been down as many as 76 points after an early gain of 60. The Nasdaq had been down as many as 17 points following an early gain of 17. At 12:30 PM Eastern, the Dow was down 0.7%, the S&P 500 was down 0.5%, and the Nasdaq was down 0.9%.

Dow fell 89.68 points, or 1.6%, closing at the lowest point since Oct. 9, 2002, the low of the last bear market. Nasdaq (COMP) shed 25 points or 1.7%. The Standard & Poor's 500 (SPX) index lost 9.5 points, or 1.2% and closed at its lowest point since Nov. 20, seen as the low of the current bear market.

There was plenty of bad news weighing on the market: A dismal manufacturing report and weak outlook from Hewlett-Packard.

Markets are in fear because they don't know what is coming up. Obama administration is doing a good job in quickly moving on the housing and general economic stimulus. However, many are considered about the fact that no one is answering to a very important question: How we are going to raise the confidence in the financial markets.