Stocks tumble; Dow hits lowest since '97

 @ibtimes
on February 23 2009 1:24 PM

Stocks slid on Monday, sending the Dow Jones industrial average to its lowest in more than 11 years, as uncertainty about the government's latest bid to shore up ailing banks, including Citigroup , diminished the appetite for riskier assets.

A sell-off in technology shares added to the negative tone amid concerns about declining business and consumer spending.

The S&P 500 broke below its bear market closing low set November 20, while the Dow slid to levels last seen in late 1997.

The Dow Jones industrial average <.DJI> was down 157.30 points, or 2.14 percent, at 7,208.37. The Standard & Poor's 500 Index <.SPX> was down 18.44 points, or 2.39 percent, at 751.61. The Nasdaq Composite Index <.IXIC> was down 37.62 points, or 2.61 percent, at 1,403.61.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)

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