Money | US economy Bernanke Can't Rally Markets Dow Jones drops another 3% as economic data puts black cloud over Wall Street By Jim O'Neill Posted Jan 18, 2008 4:00 AM CST Copied Federal Reserve Board Chairman Ben Bernanke prepares to discuss the near-term economic outlook while testifying on Capitol Hill in Washington, Thursday, Jan. 17, 2008, before the House Budget Committee. (AP Photo/Dennis Cook) (Associated Press) Signs the housing market black hole was worsening and pulling down the rest of the economy spurred the DJIA to slide another 3% yesterday as investors decided a federal rescue plan was too late to help, reports the New York Times. Even reassuring words from Fed Chair Ben Bernanke that the economy was “extraordinarily resilient,” did little to ease concerns. President Bush outlined his proposal, likely to include $100 billion in taxpayer rebates and business deductions, reaching out to Democratic leadership, too. But new data showed housing starts at their lowest level in 16 years and pointed to a worsening manufacturing slowdown. Through it all, the markets continued to roil, bringing the year’s Dow Jones loss to 9.2%. Read These Next JFK granddaughter dies at 35. Hundreds are suing a Virginia hospital, alleging unneeded surgeries. NFL star Stefon Diggs faces felony charge of strangulation. Dashcam video appears to show missing Texas teen on foot. Report an error