Dow At New 2008 Low In Thursday Afternoon Trading

June 26, 2008 2:23 p.m. EST

New York, NY (AHN) - U.S. markets opened lower Thursday and continue that way as sellers are in control. The Dow Jones Industrial broke below its lowest level of 2008, trading as low as 11,540.

Selling has been broad based, but tech and the financial sector have seen the most pressure.

The Nasdaq 100 is down more than 3 percent as Research In Motion (RIMM) provides as drag, down 13 percent after the company reported first quarter earnings that fell short of analyst estimates.

The slide in the financial sector was sparked by a Goldman Sachs (GS) statement that Citigroup (C) was moved to their conviction sell list. They cut the price target from $20 to $16. Citi shares are currently trading down 4 percent. The financial sector is down 3.3 percent in afternoon trading.

All 30 Dow stocks are currently trading lower. All ten major economic sectors are trading lower by at least 1 percent.