Curtis D. Sharp
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Updated: Market resumes declines after Wednesday’s gains

March 5, 2009

DALLAS — American stock markets once again accelerated to new lows Thursday as the sell-off continued to plague battered financial companies. The Dow Jones Industrial Average plunged 4.09% to close the day at 6,594.44. The S&P 500 was below 700 again to close the day at 682.55 (down 4.25%) and the tech-heavy Nasdaq was below 1,300, down 4% from yesterday’s close.

Industry analysts blamed fears over the health of several Wall Street banks — Citigroup’s shares dropped below $1 a share during intraday trading before closing at $1.02 — as well as a report that General Motor’s auditors believe the company may need to seek bankruptcy protection if it cannot manage to execute its restructuring plan for Thursday’s market performance.

While recent market performance may be confusing for stock and stock mutual fund investors, it’s important for long-term investors to rely on their investment strategies, and not make decisions based on short-term market changes, good or bad.

Read more about how investors should respond to this volatile market.

Word Version: Updated: Market resumes declines after Wednesday’s gains; despite setbacks, swings shouldn’t panic long-term investors