In a dramatic blow for Bush administration and his team of economists, the Congress finally rejected the $700 bailout package plan. The decision has sent shock waves to investors leading to Wall Street’s biggest ever one day loss.
The Dow Jones index fell almost 7%, losing 777.68 points and is now standing at 10365.45, as investors became frenetic and rushed to sell their positions.
About The Index
The Dow Jones Industrial Average, commonly referred to simply as the Dow Jones or Dow, is a stock market index that tracks the performance of 30 large and publicly owned companies in the US. It serves as an indicator of how well the overall US economy is advancing.
The index was founded by Charles Dow and Edward Jones back in 1886 and while it has undergone several significant changes since then it still remains one of the most closely followed benchmarks to determine economic stability around the world.
It usually points to the health of particular industries, with technology stocks offering a good insight into the success of start-up companies and blue chip stocks showing signs of long-term stability in their respective industries.
- I am a financial services writer with experience in forex trading and stock market analysis.
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