Dow Jones breaks 7,000 point mark - first time since 1997

On Monday, the Dow Jones Industrial average was trading below 7,000 points, the first time since 1997 as investors feared that the financial crisis was deepening after AIG reported a $61.7 billion loss. Financial sector stocks were the worst affected. At 2230 hours IST (noon Eastern Standard Time), the Dow was trading 220 points lower at 6,844 points. The Nasdaq was trading at 1340 points, down 38. 


Warren Buffett's grim warning on the economy over the weekend in his annual letter to shareholders also made investors nervous.