Posted on 10/30/2009 1:16:40 PM PDT by AngelesCrestHighway
NEW YORK (MarketWatch) -- U.S. stocks remained sharply lower Friday afternoon in a broad sell-off led by the financial sector that wiped out Thursday's huge gains and had the Dow Jones Industrial Average looking flat for the month. The Dow Jones Industrial Average was recently down 224 points, or 2.3%, at 9735, on track for its 10th day this month of a triple-digit move. At its intraday low, the Dow hit 9688.77. If it closes below 9712.28, the Dow would end the month in the red. All its 30 components were lower recently, led by financial components Bank of America and JPMorgan Chase. Bank of America dropped 5.4% to $14.89 while JPMorgan fell 4.8% to $42.24. Alcoa, which was the Dow's best performer Thursday, was down 4.6% to $12.40. Friday's slide caps a volatile week for financial markets as investors grapple with the fundamental question of the soundness of the global economic recovery. The Dow is now down 2.2% for the week, and is close to wiping out its gains for the month. It was recently up just 0.2% for the month-to-date. The stock market's fear gauge jumped to its highest level in nearly four months Friday, moving above 30--a level that traditionally indicates heightened concern among traders. The Chicago Board Options Exchange's volatility index spiked to an intraday high of 31.25, and was recently up 26% at 31.08. The move comes a day after the VIX dropped more than 11%.
(Excerpt) Read more at marketwatch.com ...
HA! HA!.... And some market watchers are selling after hours.....They want you to stay in!
” If it closes below 9712.28, the Dow would end the month in the red. “
Close 9712.73 (-249.85)
So, the month finished ‘in the black’ by 0.55 — THE RECESSION IS OVER!!!!!!! /sarc
Calling in short positions? Or a sell off because of the bad consumer spending and wage report?
9,712.73 Off 249.85 (2.51%) Close.......
If “some market watchers” say it, that’s good enough for me! Let the good times roll!
Slick little move by Goldman yesterday, huh? Get the gov’t GDP numbers early, talk them down from 3.5 to 2.7. Shorts get butchered (again) and drive the market up so Goldman can sell at higher prices. They did this with oil at one point, as well. Neat, huh?
Gotta hand it to them.
Financials are not going to pull the recovery economic engine. Recovering all the plants exported over the last 10 years will.
Right on .. Level playing field my butt. Goldman players rules DC & Wall Street w/ the pen and sword. Underwriting is the key .. Then dumpin product. Auction volumne is simply profound. blah blah.. be careful ..
LOL, shearing the sheep, shearing the sheep.
Hank Paulson (Treasury),
Robert Rubin (Treasury),
William Dudley (NY Fed Pres),
Lawrence Summers (Treasury, World Bank, Obama's Dir of the Economic Council, Pres of Harvard's Kennedy school),
Tim Geithner (Treasury - mentored by Rubin and Summers),
John Whitehead (NY Fed pres, deputy Sec of State for Bush I),
John Thain (CEO Merrill),
Ed Liddy (CEO AIG),
Robert Zoellick (World Bank Pres),
Neel Kashkari ($700B TARP mgr),
Warren Buffett,
Joshua Bolten (WH Chief of Staff),
Jon Corzine (Gov NJ),
Mario Draghi (EU crisis leader),
Robert Steel (Wachovia CEO),
Stephen Friedman (Bush I's chair of intel oversight)
- to name a few.
Thanks for that list of insiders re Goldman Sachs — yecchh — they march onward and upward then..........
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