Yahoo falls into $12 range, Dow enters 8,000 territory
The Internet company and the Dow Jones index continue to slip downhill, hitting lows they haven't seen for the past five years.
Yahoo fell into the $12-a-share-range Thursday, marking the second consecutive day its stock tumbled to a new low.
The Internet company dipped as low as $12.47 a share during intraday trading, before ending the day at $12.65 a share--down just over 8 percent.
Each time Yahoo's stock drops into a new dollar range, analysts have noted that the border crossing serves as a psychological landmark for investors.
On Wednesday day,. Fear and loathing seem to have taken hold of its stock, with analysts panning the company's prospects in display advertising, given the shaky economy, in addition to a bleak performance on Wall Street.
In the last two hours of trading, Yahoo's shares crossed into the $12 range and quickly plummeted as the broader markets slumped.
The Dow Jones Industrial Average also hit a new psychological mark Thursday, falling below 9,000 for the first time in five years. The Dow ended the day at 8,579.19, down a whopping 678.91 points, or 7.3 percent.
The Nasdaq dropped nearly 5.5 percent, or 95.21 points, to close at 1,645.12, while the S&P 500 closed down 7.6 percent, or 75.02 points, to finish at 909.92.
And in the tech world, the CNET Tech Index, about 30 minutes before the close, was trading down 2.2 percent, or 26.41 points at 1,162.74.
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