The Dow Jones Industrial Average tumbled below 7000 for the first time in 12 years as investors around the globe appeared to be giving up hope and girding for a prolonged recession.
U.S. investors joined a world-wide selloff that began in Asia and rippled through industries from financials to consumer durables to technology. The Dow dropped 4.2% to 6763.29, its lowest close since April 1997. It has lost almost one-quarter of its value this year and more than half since its high in October 2007.
Guess you know why we are still holding.
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