Bloomberg.com: Worldwide: "U.S. Stocks Decline, Sending Dow Average to Lowest Since 2002
Feb. 21 (Bloomberg) -- U.S. stocks fell for a second week, sending the Dow Jones Industrial Average to the lowest in six years, as economic reports raised concern that the government is failing to curb the recession.
Citigroup Inc. and Bank of America Corp. tumbled more than 31 percent, pushing financial shares in the Standard & Poor’s 500 Index to the lowest level since 1994, on speculation the U.S. may take them over. Deere & Co. and Caterpillar Inc. helped lead industrial stocks to the steepest declines in the S&P 500 following a record contraction in New York manufacturing.
“The market has been having another panic attack,” Richard Weiss, who oversees about $50 billion as chief investment officer at City National Bank in Beverly Hills, California, said in a Bloomberg Television interview. “Ultimately, we’re going to be seeing some of the buys of the century in equities likely this year, but maybe it’s a little too early right now.”
The S&P 500 fell 6.9 percent to 770.05, extending its worst start to a year to 15 percent. The Dow average retreated 484.74 points, or 6.2 percent, to 7,365.67. The Russell 2000 Index of small companies lost 8.3 percent"
