Dow Jones Closes Below 8,000, Lowest Level Since 2003

The Dow Jones closed below 8,000 for the first time since 2003 as fears and uncertainty surrounding the auto industry and the potential bail-out of General Motors, Ford and Chrysler continues to leave investors skeptical.

Heads of Detroit’s Big Three were in Washington on Wednesday for the second straight day pleading their case for billions of dollars in aid. All three leaders warned Washington that a collapse in the auto industry would lead to immeasurable harm to the economy as unemployment would skyrocket and economic activity would slow.

The Federal Reserve already projected a slowdown in economic activity for the remaining part of the year and into next year and with the problems in the auto industry investors went on a made sell-off Wednesday leading to Dow finishing down about 430 points at 7,990, a five-year low.

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