The Dow Jones industrial average closed below 8,000 for the first time...

The Dow Jones industrial average closed below 8,000 for the first time in almost four years as stocks continued their overall decline today, spurred by declines in the telephone sector and Citigroup. The Dow closed down 235.23, or 2.93%, at 7,784.03; the S&P 500 fell 27.95, or 3.3%, ending at 819.81; and the Nasdaq composite closed down 36.54, or 2.77%, at 1,282.61. All numbers are preliminary.