Monday, March 9, 2009

Financial Crisis, 9 Mar 2009: Dow 6,547.05, –79.89 (–1.21%)

Another down day for the Dow. The index tried to rise in early trading to an intraday high over 6,700 right after 10:00 AM, then eroded all the rest of the day.

Today the Dow closed at 6,547.05, down nearly 80 points over the close of Friday, 6 March 2009, but still higher than Friday’s intraday low — which was below 6,500.

With the crisis occurring to the traditional Dow leaders, new names are starting to be elevated to the venerable list of top 30 “blue chip” stocks. Names being put forward in a report from Reuters include Cisco Systems and Google. Visa, with a market capitalization of $42 billion, has also been put forth as a contender to replace Citibank.

The market is already going through a shakeup. It it likely time to reflect the new reality of the market, and also give some thought to the shape of things to come.

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