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fter eight brutal months on Wall Street, the Dow Jones industrial average finally made it official: Blue-chip stocks have stumbled into bear territory.
After a brief rally in April, stocks indexes have resumed a downward trend. For the week the Dow industrials fell nearly 4.2 percent.
A trader at the New York Mercantile Exchange on Friday, where the price of crude oil settled at $140.21 a barrel, up 57 cents.
A brief 155-point slide on Friday afternoon brought the decline in the Dow to 20 percent from its October peak, an ignominious figure that is generally regarded as marking the start of a bear market. The index ended down 107 points, a mere 0.1 percent above the threshold. The broader Standard & Poor’s 500-stock index has not fallen quite as much.
... this is the result of bad policies from the bush administration and the republican controlled congress and no amount of spin is going to change that.