Dow in 350-point tumble

CNNMoney ^ | 06/26/08 | Catherine Clifford

[TigerLikesRooster]

Dow in 350-point tumble

Blue-chip indicator ends at a 21-month low as crude hits record high above $140 a barrel. Goldman Sachs' downgrades of investment banks, GM drag on markets.

By Catherine Clifford, CNNMoney.com staff writer

Last Updated: June 26, 2008: 5:48 PM EDT

NEW YORK (CNNMoney.com) -- The Dow plummeted more than 350 points Thursday as selling accelerated following a record surge in oil prices. The three major indexes took a beating right out of the gate after Goldman Sachs downgraded two key Dow components, and two tech leaders disappointed investors.

The Dow Jones industrial average (INDU) shed 358.41 points, or 3%, to close at 11,453.42. The last time the index was near that level was 21 months ago in September 2006.

The Dow lost more points Thursday than any other day this year except for Feb. 5, when the indicator lost 370.03 points.

[TigerLikesRooster]

Ping!

[xcamel]

BUY!!

[darkwing104]

Libs must be cheering...

[bruinbirdman]

Dollar cost averaging is paying off this quarter. Lots of reinvested dividends (15% fed tax) at lower prices.

yitbos

[padre35]

Not the time to buy...yet...but that opportunity will appear very soon.

All of those Blue Chip stocks that bottomed in 2000 when they should have been bought back then (I still kick myself over GE at 24 or so) will be available soon enough...

Pity we don’t have a private FRepublic investor club...

[the invisib1e hand]

round three of the MBS write-offs. the market is tired of that and sky-high crude.

10,000 is a real possibility for the 10,000th time.

[devane617]

Lots of OVERSOLD cheap stks out there...RAD, F, GM, JCP,,,,,
I can’t believe how cheap Rite Aid Drugs (RAD) is...They are wel on their way to getting problems resolved, and Cold-and-Flu season is around the corner...

[bruinbirdman]

Oil up $5.09 to $139.64 a barrel. Natural gas $13.225. These more than make up for pitiful utility bills.

yitbos

[TigerLikesRooster]

Some comments here serve as a good contrary indicator. When they say something, it is an indication of the exact opposite.

[xcamel]

of course... YMMV

but my last 5 buy and holds have put me 17% ahead of the market.

[timydnuc]

I've switched the entire 401K to bonds till this election is over. The rate of return is considerable lower (4%) but it's safer for this short run. I made a bunch of money on the former Bull Market, but we have enemies to grab retirement fortunes. The NYSlimes comes to mind. The neysayers are pundits that don't have a dog in the fight. I lost 5K in one quarter and I said BONDS, everything in BONDS. Last quarter my 401 made 3 percent, better than losing 5k. No?

Stand to fight another day. The Market will rebound, and it will rebound fast. I was in high yield high risk investments, and I knew it. I'm ready to go back in when we get the politics out of the way.

[TigerLikesRooster]

Everytime serious cracks develop in the stock market, Fed and other other institutions bring out tons of superglue to patch it up, keep the bottom from falling out.

If this one appear to generate steady downward momentum, it would be superglue time again. Without their superglue, who knows where we are now?

There are many festering problems. It would be a success if they can keep this up until the election time.

[rb22982]

Analyst still have them losing money through 2010 and they lost more than expected today. I don’t see how you think they are well on their way to getting problems resolved. Cold & Flu season doesn’t mean jack as they aren’t measured based on the prior quarter but the year ago quarter (which is also cold and flu season).

[bruinbirdman]

"Some comments here serve as a good contrary indicator. When they say something, it is an indication of the exact opposite. "

Yeah, but which ones.

Some with a well diversified portfolio can speak the truth up market or down.

yitbos

[bruinbirdman]

"I've switched the entire 401K to bonds till this election is over. The rate of return is considerable lower (4%) but it's safer for this short run."

Retirement planning should be long term with discipline?

yitbos

[TigerLikesRooster]

Ones who say quick rebound and back to prosperity.

[Stentor]

Sell in May and go away. It’s off to the Hamptons.

[bruinbirdman]

Agreed. It is not time to put new money in equities. Reassesssment of asset allocation should be tilted to cash.

yitbos