The Dow Jones opened low and continued on a downward trajectory, finally closing at a dismal 6,763 points. As stocks swung intra-day between down to really down, Treasuries rose as investors looked for reliability amid the deepening recession. "There's a real panic in the markets, with some people wanting to buy long-term insurance at any price," said one fund manager. "People have lost hope." After announcing last year was its worst ever, Berkshire Hathaway dropped 7.8 percent. Bank of America and Citigroup, meanwhile, each lost more than 14 percent. GE slipped below $8 for the first time since 1994. The S&P 500 was also off 4 percent.