Dow, S&P 500 fall to 1997 levels as sagging confidence pulls stocks lower; Dow falls 251

  From Tim Paradis, February 23, 2009 – 4:14 PM

Dow, S&P 500 fall to 1997 levels as sagging confidence pulls stocks lower; Dow falls 251

NEW YORK (AP) – The major stock market indexes have staggered to their lowest levels in more than a decade, pulled down by investors’ rapidly waning confidence.

The Dow Jones industrial average and the Standard & Poor’s 500 index are at the lowest point since 1997, succumbing to growing worries about a recession that has no end in sight.

Most financial stocks were pounded even as government agencies led by the Treasury Department have said they will launch a revamped bank rescue program. It includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.

The Dow Jones industrial average is down 250 at 7,114. The Standard & Poor’s 500 index is down 26 at 743, while the Nasdaq composite index is down 53 at the 1,387.

Declining stocks outnumbered advancers by about 6 to 1 on the New York Stock Exchange. Volume came to a moderate 1.61 billion shares.

TSX falls through November lows as economic worries slam stocks

From Malcolm Morrison, The Canadian Press, February 23, 2009 – 4:17 p.m.

TSX falls through November lows as economic worries slam stocks

By Malcolm Morrison, The Canadian Press

  TORONTO – The Toronto stock market fell through its most recent lows set last November as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system Monday.

Toronto’s S&P/TSX composite lost 250.9 points to 7,699.1, while New York’s Dow Jones industrials fell 209.4 points to 7,156.3, its lowest level in more than a decade.

Several U.S. government agencies, including the U.S. Treasury Department and Federal Reserve said Monday they will do all they can to shore up the banking system.

The regulators also said they will launch a revamped program to inject fresh capital into financial institutions this week.

The Canadian dollar was down 0.18 cent at 79.86 cents US. .as retail sales in December fell 5.4 per cent in December to $33 billion – the largest monthly decline in over 15 years.

The Nasdaq composite index declined 44.64 points to 1,396.59 while the S&P 500 index slipped 23.2 points to 746.85, after earlier falling to April, 1997 levels.