Last Updated: February 23rd, 2009: 4:50 PM ET--- After opening higher on news that the government was in talks with Citigroup (NYSE:C) over further aid without nationalization, the major US equity indices plunged lower and closed at levels not seen since 1997. The Dow Jones Industrial Average lost 251 points, or 3.4%, to close at 7,115, making it its lowest close since October 28th of 1997. Only Bank of America (NYSE:BAC) and Citigroup (NYSE:C) were able to settle in the green following the morning's news of further government capital injections. Alcoa led the Industrial lower, closing off 7.6% as the materials sector was the worst performing sector, closing off 7.2%. The S&P 500 fell 27 points, or 3.5%, to 743 while the tech-heavy Nasdaq turned in the day's worst performance, closing off 54 points, or 3.7% to 1,388.

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