NEW YORK — A wall of bearishness sent the stock market in full retreat today pushing the Dow Jones Industrial Average down more than 61 points--its worst one-session decline ever.
Participants attributed the sharp drop to a sudden bout of pessimism as some key analysts turned bearish on the market. Continuing worries over the weak economy and the growing opinion that any upcoming discount rate cut already has been anticipated in prices added to the negative sentiment, they said.
The Dow Jones Industrial Average dropped an unprecedented 61.87 points to 1,839. It headed south from the opening bell and was down more than 40 points for most of the session until the final hour when the bottom literally blew out.
Previous Record Smashed
The point decline smashed the previous record drop, which occurred June 9, when the industrial average lost 45.75 or 2.4%, to 1,840.15. In percentage terms, however, the blue chip index's loss was minimal when compared to the Oct. 29, 1929, decline, when the average sank 12.8%, shedding 38.33 points of its value.