Stocks plunged Thursday, sending the Dow Jones industrial average down 679 points — more than 7 percent — to its lowest level in five years. Stocks took a nosedive after a major credit-rating agency said it might cut its rating on General Motors and Ford, further rattling investors already fretting over the impact of tight credit on the economy.

The Standard & Poor’s 500 index also fell more than 7 percent.

The declines came on the one-year anniversary of the closing highs of the Dow and the S&P. The Dow has lost 5,585 points, or 39.4 percent, since closing at 14,164.53 on Oct. 9, 2007. It’s the worst run for the Dow since the nearly two-year bear market that ended in December 1974 when the Dow lost 45 percent. The S&P 500, meanwhile, is off 655 points, or 41.9 percent, since recording its high of 1,565.15.

U.S. stock market paper losses totaled $872 billion Thursday and the value of shares over all has tumbled a stunning $8.33 trillion since last year’s high. That’s based on figures measured by the Dow Jones Wilshire 5000 Composite Index, which tracks 5,000 U.S.-based companies’ stocks and represents almost all stocks traded in America.

Other Junk You Might Like!

• October 1, 2008 -- Secretary Of The Treasury Henry Paulson Goes To The Dark Side! (0)
• October 7, 2008 -- Secretary Of The Treasury Henry Paulson Wipes Out The Middle Class….. (0)
• December 27, 2008 -- How Did The Economy Go Bad? (0)
• November 23, 2008 -- US Auto Makers… BIG FAILURES!!! (0)
• November 19, 2008 -- Take A Bite Of Henry Paulsons Shit Sandwich! (0)

Tags: american economy, ben bernake, bernake, crisis, Dow Jones industrial average, Dow Jones Wilshire 5000 Composite Index, ford, General Motors, henry paulson, paulson, secretary of the treasury henry paulson, Standard & Poor's 500 index, U.S. stock market, us economy, Wall Street, wall street problems