Curtis D. Sharp
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Updated 2/23/09: Market swings to lowest point since 1997

February 23, 2009

DALLAS — American stock markets once again reached new lows in trading Monday. The Dow Jones Industrial Average fell more than 250 points — more than 3.4% — reaching lows not seen since April 1997. The S&P 500 dropped below its bear market closing low first set Nov. 20, 2008. It was down almost 3.5%. The Nasdaq market was negatively impacted by a sell-off in technology stock, as it dropped more than 3.7%.

Industry analysts blamed uncertainty over the U.S. government’s latest plan to shore up banks hit hard during the economic downturn for the drop. Negative consumer and business sentiment also weighed on stocks.

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 2/23/09: Stock market swings to lowest point since 1997; despite setbacks, market swings shouldn’t panic long-term investors