Posted on 06/06/2006 10:59:55 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) - The Dow industrials sank below 11,000 for the first time since March Tuesday as investors digested hawkish comments about inflation from a string of Fed officials.
The 30-share Dow (down 61.15 to 10,987.57, Charts), the world's most widely watched stock market gauge, fell below the benchmark level in midday trading. The last time the blue-chip index closed below that level was on March 9.
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The Dow has now tumbled more than 650 points, or 5.5 percent, since coming within 80 points of its all-time high on May 10, as concerns about inflation and the interest rate outlook have unnerved investors.
The Standard & Poor's 500 index (down 2.06 to 1,263.23, Charts) bounced off its lows with just under 2-1/2 hours left in the session. The Nasdaq composite (down 8.54 to 2,161.08, Charts) lost 0. 4 percent.
(Excerpt) Read more at money.cnn.com ...
I did a search and found nothing under this title. If dup, sorry.
I'm surprised it took the MSM this long to jump on this story. Of course they've probably had this one filed in their desks just praying they could use it. At last today they were gleefully able to! When it goes back up over 11,000, and it will, the MSM will be silent.
Well I'm sure it just made their day knowing it will be a while now before Bush can claim to have beaten the all time Dow high. I'm sure they're hoping it will take until after the election. If only they can keep Bernanke, who needs to shut the f up, talking.
surely they can keep changing the components of the index to improve performance.
6-6-6....we're doomed...
"Bernie, you're doing a heck of a job!
The Great Market Crash of 6.6.6 ??? ..../s
Stocks are cheapening. Buy now. Market correction.
The last real change was in April 2004 when 3 companies were replaced in the index. SBC bought AT&T and changed its name last year.
http://averages.dowjones.com/mdsidx/downloads/DJIA_Hist_Comp.pdf
Well looks like the FED did it's job...now instead of inflation we will have a depression. Hope Bernake is happy!
It's all a cycle man...hang in there...There will be more recessions...the last one lasted about 12 months and was followed by 5 years of growth (and counting), though people should be forgiven for not knowing this in light of the constatnt negative drumbeat on the economy from the media, and GW's failure to tout the growth...
But, that aside, it reinforces my belief that it's just another phase of a secular bear market. It will go up, and go down, in stages, and end up where it began, over a long, long time period. Well-managed funds might make some money during such a period, but the average schmuck is going to get clipped.
Free advice is usually worth what one pays for it.
Here we go again. My 401-k will become a 201-k.
Have to disagree with you there. This may be a correction but its approaching Bear territory. I would wait until the market shows solid signs of recovery before buying to minimize risk. But I hope you're right in that its just a correction.
Mr Bernake needs to keep his mouth shut.
Mine is already a 10.5-K
"Stocks are cheapening. Buy now. Market correction."
I am loving Comcast Cable as a buy right now...
Would you rather pay more for stocks in your 401-K over the next few months, or less?
Those who make the money are the ones with the guts to buy in periods like this.
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