The Dow Jones Industrial Average on Tuesday closed below the 11,000 mark for the first time in two years.
The Dow dropped 92.65 points to fall to 10,962.54, the lowest close since July 2006.
It was a roller coaster day on the stock exchange. Stocks were steeply lower early but rallied on the news of a steep slide in oil prices. Crude oil was down over $8 per barrel in mid-day trading due to concerns of a global economic downturn.
Before the rally, the Dow had been down as much as 180 points after Federal Reserve Chairman Ben Bernanke told Congress that the U.S. economy is facing :”numerous difficulties” that present “significant downside risks” to growth.
Other stock indexes were mixed. NASDAQ rose 2.84 to 2,215.71 while the S&P 500 dropped 13.39 to 1,214.91.