Posted on 10/06/2008 11:45:21 AM PDT by pissant
(Updates to show Dow breaking below 9,700 level)
NEW YORK, Oct 6 (Reuters) - U.S. stocks slid on Monday, with the Dow diving below the 9,700 level for the first time since November 2003, as the fast-spreading financial crisis fueled fears the economy would not avert recession.
The Dow Jones industrial average .DJI was down 625.63 points, or 6.06 percent, at 9,699.75.
The Standard & Poor's 500 Index .SPX was down 72.77 points, or 6.62 percent, at 1,026.46. The Nasdaq Composite Index .IXIC was down 141.73 points, or 7.28 percent, at 1,805.66.
(Excerpt) Read more at reuters.com ...
The Democrats relationship with Wall Street is a strange one.
Liberal guilt has something to do with it; also, Wall Street buys off the Democrats out of fear.
Mutual funds and individual investors are selling off today. My guess is there are quite a few mutual fund redemptions by individuals.
exactly
Has anyone else considered the underlying cause for a sell off is Wall St. reads Presidential polls too.
“Anyone? Anyone? Anyone?”
Does via mutual funds count? 401k and an IRA also have an Edvest account for Junior.
Market is rallying...swung back up nearly 300 from the bottom.
Not really.
Last I heard the Japanese were on the cusp of buying $29 B of its assets.
Profit seekers in since about 45 minutes ago; gotta watch till the bell, I guess.
Around 575 down now.
I expect a decent rally before the markets close at 4 p.m.
They've been saying we're in a recession for a year now.
Guess what? We're not.
We need 2 quarters in a row of negative growth. Last quarter was positive.
I read that some economists are predicting the current quarter to be a negative, but the 1st quarter of next year to be positive, then 2% the one after that.
We'll see.
work=word. Sorry.
Fine with me. But they may have a conflict between the selfish interests of the CEO vs. their fiduciary duty to shareholders if it is in the best interest of the bank to sell bad CMO’s to the United States. If the banks do not need a bailout then that’s fine too. Let the free market work it out.
With much of Wall Street in the tank for Obama, I find that unlikely.
Late day rally. More rational minds are taking charge in the markets.
Just got that DD at under $37. Dividend yield paying better than a CD.
When did the economy start to “TANK”?
When the democrats took over congress in 2007.
At the beginning of 2007, here is where we stood, economic wise.
DOW around 13,000
Gas less than $2 dollars per gallon
Interest rates at historic lows
Inflation under control
Unemployment rate at historic low (less than 5%)
Democrats have been in control of control 2 YEARS, and where are we now?
Dow at 9700 (25% drop in 2 years)
Gas at $4 dollars per gallon
Unemployment over 6%
Inflation growing quickly
SO WHO IS TO BLAME? Looks like the democrats and a lame duck president. The DEMS created this financial meltdown and the repubs and McCain are getting blamed. Obama has got to be laughing at his luck.
Why doesn’t McCain point these facts out?
CNBC mentioned emergency G8 meeting. Also someone said on there they had heard rumors about abandoning the Euro. I wonder where those rumors are coming from?
Does france want to go back to French Francs. On my credit card slips that print out ..it lists Euros and French francs for some reason.
I possibly did. I mail a check to the Vanguard Total Stock Market index fund and their GNMA fund the first of each month. Been doing so for years regardless of what the market does.
Buy low, sell high. Like abstinence, it works every time it’s tried.
The market that saw lows of 800 points down today, may in fact have hit the bottom and bounced off hard. Currently down 440 points, the market seems to be timid to close as far down has it has found itself today.
The question is, how much farther will it rise before the close?
The way the market is bouncing around, it’s tough to make much of an assumption at this point, but things are looking much better as I type.
It would be interesting if the market closed close to even today. Even a loss of 200 points would show great strength at this level. Other markets might find strength in that.
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