Dow Holds Above 8000 Amid Broad Market Slump
The Dow Jones industrial average closed at 8051.68 after a 114.31 point drop as fears of Asian, Russian, and European economic weakness spurred the worst market slide since 1990. Volume topped 1.974 billion shares with tech shares hit hardest, while Nasdaq and S&P 500 fell to 1639.68 and 1027.14 respectively.
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Experts say bulls need a kick to find a bottom
Wall Street experts warn the market requires deeper pain to reach a bottom amid July highs, a 13.8 percent Dow drop, and global crises. Ned Riley of BankBoston warns investors have not endured a sustained downturn, while analysts caution that optimism masks profit problems and that the market may test lower levels before stabilization.
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