Dow Slipped below 10 k due to fall in shares of BP....

President Barack Obama's administration, getting tough as polls show public disapproval over its handling of the worst oil spill in U.S. history, threatened to impose new penalties on the company.

BP depositary shares trading in New York fell nearly 16 percent to close at $29.20, their lowest level since August 1996, on growing worries about the costs the company will have to assume. BP said last week it has "plenty of" cash to deal with the problem and the Obama administration has made similar comments.

A BP spokesman said "nothing has changed" since Friday and restructuring experts agreed that by running the numbers alone, BP looked able to handle the financial damage. But such confidence was not evident in the market.

"It seems that shares are under pressure from the fear of whether BP can survive. It is not just a rumor about the potential of a dividend cut in BP anymore. Now it's about the survivability of the company," said Jon 

http://www.reuters.com/article/idUSTRE6573FD20100609

ndex Value: 9,899.25 Trade Time: 4:03PM EDT Change:  40.73 (0.41%) Prev Close: 9,939.98 Open: 9,941.57 Day's Range: 9,867.73 - 10,065.14 52wk Range: 8,057.57 - 11,309.00

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Technically Dow must trade in range for few more sessions but further fall wont be there ...Daily chart Duly analysed ...