With Moody’s threatening to cut Morgan Stanley’s credit rating and oil hiting another record high of $142.93 a barrel, the Dow is just two hours away from a formal bear market.
On an intraday basis, the Dow actually crossed into bear market territory this afternoon – falling more than than 20 per cent from its October 2007 record high.
Will it end the session there? Only time – and the tape – will tell.
