Isaac Paige Associates Chairman Voices Concern as Dow Finishes Below 7,000 for First Time Since '97
A relentless sell-off in the stock market Monday blew through barriers that would have been unthinkable just weeks ago, and investors warned there was no reason to believe buyers will return anytime soon.
Seattle, WA, March 05, 2009 --(PR.com)-- The Dow Jones industrial average plummeted below 7,000 at the opening bell and kept driving lower all day, finishing at 6,763, a loss of nearly 300 points. Each of the 30 stocks in the index lost value for the day and the Standard & Poor's 500 stock index, a much broader measure of the market's health, dipped below the psychologically important 700 level before closing just above it. It hadn't traded below 700 since October 1996.
"As bad as things are, they can still get worse, and get a lot worse," said Isaac Paige Associates Chairman, Peter Matthews, who also said “I believe the Dow might fall to 5,000 and the S&P to 500.”
Speaking from the Isaac Paige Associates headquarters, in Seattle, Matthews continued by saying “The Dow's descent has been breathtaking. It took only 14 trading sessions for the average to fall from above 8,000 to below 7,000 and for the year, the Dow has lost 23 percent of its value.” He went on to say “The Last time it closed below 7,000 was May 1st 1997 a time when the market was barreling to one record high after another because of the boom in technology stocks, but often suffered big drops as investors worried about inflation and rising interest rates.”
Matthews finished his speech by saying “This time around, Wall Street analysts seem to believe that a stock market recovery will first require signs of health among financial companies, and on Monday those signs seemed further away than ever.”
Isaac Paige Associates is highly respected within the financial community and has been providing accurate evaluations for over a decade. Isaac Paige Associates principals are actively involved in all aspects of the mergers & acquisitions evaluation process. Isaac Paige Associates provides responsive and personalized service to Institutions throughout the merger or acquisition including participation in syndication meetings to facilitate the decisions of the participating parties.
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"As bad as things are, they can still get worse, and get a lot worse," said Isaac Paige Associates Chairman, Peter Matthews, who also said “I believe the Dow might fall to 5,000 and the S&P to 500.”
Speaking from the Isaac Paige Associates headquarters, in Seattle, Matthews continued by saying “The Dow's descent has been breathtaking. It took only 14 trading sessions for the average to fall from above 8,000 to below 7,000 and for the year, the Dow has lost 23 percent of its value.” He went on to say “The Last time it closed below 7,000 was May 1st 1997 a time when the market was barreling to one record high after another because of the boom in technology stocks, but often suffered big drops as investors worried about inflation and rising interest rates.”
Matthews finished his speech by saying “This time around, Wall Street analysts seem to believe that a stock market recovery will first require signs of health among financial companies, and on Monday those signs seemed further away than ever.”
Isaac Paige Associates is highly respected within the financial community and has been providing accurate evaluations for over a decade. Isaac Paige Associates principals are actively involved in all aspects of the mergers & acquisitions evaluation process. Isaac Paige Associates provides responsive and personalized service to Institutions throughout the merger or acquisition including participation in syndication meetings to facilitate the decisions of the participating parties.
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Contact
Isaac Paige Associates
Peter Matthews
1-206-984-1692
www.isaacpaige.com
Peter Matthews
1-206-984-1692
www.isaacpaige.com
Contact
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