New York ? Investors hit by yet another disappointment, this time brokerage downgrades of General Motors and Ford, bailed out of stocks again Wednesday, sending the Dow Jones industrials down more than 280 points to close below 9,000 for the first time since October.

The Dow also suffered its biggest one-day point loss since September.

The Nasdaq composite and Standard & Poor’s 500 indexes hit new five-year lows as the stock market endured a third-straight day of heavy selling fed by bookkeeping scandals and poor prospects for earnings growth. Analysts said investors simply were too downtrodden to buy stocks, even after nearly eight weeks of selling had driven prices lower.

“This market has completely broken the spirit of investors,” said Al Mirman, strategist at V Finance in Sarasota, Fla. “It is going to take a good year for investors’ confidence to be reinstated.”

The Dow plunged 282.59, or 3.1 percent, to 8,813.50, after falling 283.41 over the previous two sessions.

The Dow last closed below 9,000 on Oct. 2 when it stood at 8,950.59. Before the 9-11 attacks, the Dow had not had a lower finish since Dec. 16, 1998, when it stood at 8,790.60. Wednesday’s loss was the Dow’s biggest one-day decline since Sept. 20, when it fell 382.92.

The market’s broader indicators also dropped. The S&P sank 32.36, or 3.4 percent, to 920.47, following its two-day loss of 36.20. The S&P last finished lower on Nov. 13 1997, when it stood at 916.66.

The Nasdaq fell 35.11, or 2.5 percent, to 1,346.01, having lost 67.24 over Monday and Tuesday. The Nasdaq last closed lower on May 19, 1997, when it was at 1,341.24.

Analysts said investors see virtually no reason to buy stocks now, and that they will continue to hold off until earnings show progress.

“We’re getting into (second-quarter) earnings season and more than ever, investors are looking for numbers they can trust,” said Thomas F. Lydon Jr., president of Global Trends Investments in Newport Beach, Calif.