Rocky Day on Wall Street

Dow finishes down 588 points after 1,000-point decline
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After a rocky day that began with the single largest intraday decline in its history, the Dow Jones Industrial Average finished Monday down 588 points and cable stocks, some down as much as 10% earlier in the period, tempered those losses as the day waned.

The Dow fell 1,000 points in its first six minutes on Monday, but quickly gained back  much of that ground as mutual funds snapped up what they saw as bargains. That sentiment, which ran at least through the first half of the day helped the Index gain back most of its losses – it was down about 250 points at mid-day. But sentiment shifted again and the market took another dive – losing more than 600 points as it moved toward it close of 15,871.28, a drop of 588.47 points and its lowest level in 18 months.

Cable stocks, on a wild ride already over the past several weeks, again roiled as investors drove down some shares as much as 10% during the day. When the smoke cleared, stocks were down, but not by as much as they were earlier, which could offer some comfort.

For the full story go to Multichannel.com.

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