Dow Jones the lowest it's been since 1997

As a fresh setback Monday sent major indices plunging to mid-1990s levels, media companies generally kept pace with the market.

The Dow fell another 4% -- the lowest it's been since 1997 and less than half its all-time high above 14,000, reached in October 2007. Similarly dented was the S&P 500, which closed at 700.82, its worst finish since 1996.

Among the biggest pure media congloms, Disney was down 4% to $16.05; News Corp. dipped 5% to $5.28; Viacom dropped 6% to $15.75; and Time Warner gave up 3.5% to $7.36.

Wall Streeters had little specific news on which to blame the drop. They simply cited continuing anxiety about financial institutions and the complexity and severity of the recession and credit crisis.

In particular, the day brought unnerving revelations about AIG. The mega-insurer received a fourth round of federal assistance of up to $30 billion to repair damage from some $500 billion in credit that it extended with little collateral to cover defaults.