DOWNWARD SPIRAL

Markets Down and Downer

Dow under 7,000 following global selloff.

March came in with a roar this morning as the Dow Jones average slipped below 7,000 following a global selloff overnight that saw Tokyo's Nikkei down 3.8 percent and London's FTSE 100 off 4.2 percent. At the opening bell on Wall Street, the Dow immediately sank over 140 points. Earlier this morning, the government reported that personal incomes unexpectedly rose but personal savings climbed to a 14-year high as recession worries weighed on the American consumer. Last month was the worst performance for the Dow since 1933, with the S&P losing 10 percent of its value. HSBC bank, which announced further job cuts this morning, was trading down 20 percent.