Dow Drops 650 As Panic Continues

The DJIA finished at 8600, down 650 points, while the NASDAQ nearly 100 points to 1645 and the S&P 500 dropped to 911, down 70+ points.

GM, one of the 30 stocks that make up the DJIA, fell to #4.76, down over 30%. GM had reported earlier a sales drop of 1.9% in the first 3 quarters of the year in Europe.

With regards to the bank equity plan, Treasury Secretary Henry Paulson said Wednesday that the financial bailout bill approved by Congress gives him wide authority to inject capital into the banking system, including a direct ownership stake in banks.

Mr. Paulson is "actively considering" making capital injections in banks, White House spokeswoman Dana Perino said Thursday.

One has to wonder, with the crisis expanding worldwide, if an emergency G8 summit should be called. The DJIA had not closed below 9000 since Aug. 6th, 2003.

Ironically, today was the one year anniversary of the DJIA's all time high of 14164.53. As of Wednesday's close, it had lost 33%.