Market Watch

Market's Lowest Close Since 1997

Wall Street faced record-breaking losses today. After a day featuring the sorts of losses we've come to expect in a down economy, the markets saw a huge nosedive in the final hour of trading. The S&P 500 (which is down 17 percent this year alone) met its lowest close in 12 years and the Dow closed off about 250 points—it's lowest point since October 1997. Bank stocks, however, got a boost from lawmakers' commitment that they won't go under. Bank of America and Citigroup jumped 9 and 14 percent, respectively, while their peers in the tech industry, including Apple, Google, and IBM, saw catastrophic losses.