Happy anniversary, Dow

Just one year ago, the Dow hit a record close of 14,164.53 as investors cheered rate cuts by the U.S. Federal Reserve Board and anticipated a speedy recovery from the subprime mortgage crisis.

The index is now 34 percent lower, and has lost about 15 percent in the last five trading sessions as the world’s central banks continue to pump money into the system to restore liquidity to frozen credit markets and restore consumers’ faith in the financial sector.