Dow Jones crumbles but resilience elsewhere

Yesterday has been widely touted as the moment that US markets well and truly entered bear territory. Wall Street had to acknowledge that it wasn't just the new economy taking a hammering but the old as well. Among the old economy casualties were tobacco company Philip Morris as well as drugs groups Merck and Johnson & Johnson. There seems to be little shelter from declining stocks anywhere at the moment. Wall Street is pointing the finger of blame at the Federal Reserve's decision earlier in the week to cut US interest rates by just half a point when it had been expecting a bigg...