Dow Crashes Below 7,000; Music Stocks Battered

  • Save

What was once 14,000 in late-2007 has now dipped below 7,000, the latest chapter in a crumbling Wall Street.

By the bell, the Dow slipped to 6,763.49, its lowest point since April of 1997.  That represents a drop of nearly 300 points on the day, or 4.24 percent, itself a manageable decline outside of the psychologically-important crossover.

The usual blend of recessionary fears stirred the downturn, though a teetering American International Group (AIG) sparked fears of a more severe banking and business downturn.

The storm was especially bad for RealNetworks (RNWK), slumping 6.52 percent to $2.15, its lowest-ever closing valuation.  Similarly, Warner Music Group (WMG) dropped 3.45 percent to $1.68, also an all-time low.  Elsewhere, Live Nation (LYV) slipped 9.69 percent to $3.17, and Ticketmaster (TKTM) dropped 12.07 percent to $4.30.

Apple (AAPL) maintained, shedding a mild 1.54 percent to $87.94, while SanDisk (SNDK) fell 10.10 percent to $8.01.  Sirius XM Radio lost 11.87 percent to 14-cents, while Source Interlink Companies (SORC) stayed steady at 12-cents.