New York City – Dow Falls Below 11000

New York City – The Dow industrials dropped below 11000 for the first time in nearly two years after Treasury Secretary Henry Paulson said he sees no bailout on the horizon for Fannie Mae and Freddie Mac. Another $5 surge in oil prices fanned the market flames.

The Dow industrials were down about 120 points in the first hour of trading, then shaved off another 50 points after Paulson’s remarks, then dropped below 11000 by late morning.