Posted on 08/15/2007 12:53:00 PM PDT by Hydroshock
Stocks were having another back and forth session Wednesday, and the Dow Jones Industrial Average dropped under 13,000 for the first time in four months, as continuing credit market jitters kept the market on edge.
After recovering from an early swoon to rise by as many as 90 points, the Dow gave back all of those gains and more, and was recently down 130 points at 12,899. The index last closed below the 13,000 mark on April 24.
Elsewhere, the S&P 500 was losing 13 points at 1413, and the Nasdaq Composite was sliding 26 points to 2473.
The action isn't exactly a surprise for daily market watchers, considering the recent volatility on Wall Street.
"Each and every attempt [to go higher] is met with bad news that undermines confidence," said Marc Pado, U.S. market strategist with Cantor Fitzgerald. "Now that the major global central banks have dumped liquidity into the market openly, they will be committed to keeping the spigot open."
The U.S. averages were see-sawing after the Federal Reserve delayed a planned one-day repurchase agreement due to technical issues, only to later add $7 billion in reserves. One-day repos provide short-lived cash injections into the monetary system and are reversed the following day.
"There weren't any more blowups in the mortgage sector overnight," said Paul Nolte, director of investments with Hinsdale Associates. "The Fed announced a new repurchase operation in the market, indicating that they want to calm things down, at least temporarily."
(Excerpt) Read more at thestreet.com ...
You mean I lost my entire last 3 weeks profit?
We are doomed.
Plunge is good...but CRASH is more effective.
From what I’ve read, it seems the credit market is a bit tighted up at the moment, and will work it’s way through. But we’ll see.
“It’s just paper......” Sam Walton..........
AAAAHHHHH! It’s the Bush depression! I knew it!
/
I love the GIF...
now at -186
12,845 is below 13,000
12,845 is above 12,000 where it was when Pelosi’s crowd took over the House.
Mike
Looks like a good time to start buying!
Soooo, where was the Dow when Bush was sworn in for his second term? I’ll wager it was way below 13000.
Where was the Nasdaq?
"...I will not look...I will not look...I will not look..."
NASDAQ was lower 40.29 at 2458.83
Good time to buy.
I’m happy to say I took the max to remain under the tax line from my 401k for this year a couple of months ago, near the market peak. Just so it gets back into decent territory sometime next year, present belly flops are merely Wall Street having a sale. Life is good.
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