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Another Obama-capulco Cliff Dive

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By Michelle Malkin  •  March 2, 2009 09:55 AM

I dug out an Acapulco Cliff Diver video last week when the Dow tumbled 251 points to its lowest close since Oct. 28, 1997.

Ready for another plunge this morning?

Stocks opened lower Monday morning, with the Dow falling below 7,000 for the first time since October 1997, after American International Group reported a massive quarterly loss and a restructuring of its bailout by the government.

The Dow Jones industrial average (INDU) was down 96 points, or 1.4%, to 6,966 points, 20 minutes after the opening bell. The S&P 500 (SPX) index slid 11 points, or 1.5% to 724 points. The Nasdaq composite (COMP) was down 0.7%.

Both the Dow and S&P are hovering at their lowest levels in about 12 years, as the market remains anxious about the state of the global economy and the world financial system.

“There’s a buyer’s strike right now in the stock market,” said Art Hogan, chief market strategist at Jefferies & Co.

Wheeeee!

Posted in: Subprime crisis