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U.S. slips into a bear market
Middle East News.Net
Thursday 3rd July, 2008
The Dow Jones Industrial Average has slipped into a bear market for the 12th time since 1962.
The longest profit slump in six years and the first nationwide decrease in home prices since the Great Depression has pushed US equities to a nine-month low.
Based on its performance in previous bear markets, the Dow may have a lot further to fall.
Prior declines averaged 29 percent and lasted 322 days.
The biggest was a 45 percent drop over 694 days starting in January 1973.
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