This from the folks over at Chart of the Day:
Poor retail sales, doubts about GM’s viability, and a clarification by the Chinese government that they would not add to its current $585 billion stimulus plan as some had hoped yesterday all helped push the market down 4% on the day.
As a result of today’s decline, the Dow closed at a new bear market low.
The Dow is currently down 53.4% since peaking in October 2007.
To put the magnitude of the current correction in perspective, today’s chart illustrates the 15 worst corrections of the Dow since its inception in 1896. As today’s chart illustrates, the current Dow correction already ranks as the second worst on record. Only the correction that began in 1929 was worse.