Dow falls more than 600 points; markets in free-fall

msn.com ^ | 10/09-2008 | By Charley Blaine and Elizabeth Strott

[Red Badger]

The Dow Jones industrials fell under 9,000 this afternoon for the first time since the summer of 2003 as investor confidence that markets would stabilize appeared to collapse. At 3:40 p.m. ET, the blue chips were down 641 points, or 6.9%, to 8,617. The Standard & Poor's 500 Index was off 74 points, or 7.5% to 911. The Nasdaq Composite Index was down 94 points, or 5.4%, to 1,646. The S&P fell under a closely monitored support level of 960. A support level is important because it is supposed to trigger new buying. At those levels, the crash of 2008 has left the Dow 39% below its record close of 14,164.53 and the S&P 500 down 41% from its record close of 1,565.15. Ironically, both records were set exactly one year ago today.

[Sgt_Schultze]

Hey, we tied, but you got in first.

[buccaneer81]

Buying opportunities galore.

Ford at 2, GM at 4.

[conservativepoet]

Yep, that was a great move. (sarcasm full speed ahead)

[Red Badger]

-634............

[Antoninus]

This is bad, really bad stuff for baby-boomers about to retire.

For those of us in the early/middle earning years, assuming we can keep our jobs, this is an unbelievable opportunity to accumulate a huge number of shares.

For every crisis, there is an opportunity.

[JennysCool]

Hell, we might as well demand our $700,000,000,000 back since it isn’t helping at all.

To look on the bright side, I doubt much of that has been "spent." I would imagine discussions are still going on as to where and how to spend it.

[pissant]

SIGN THE ‘KILL THE BAILOUT’ PETITION

http://www.petitiononline.com/Nobail1/petition.html

[cliniclinical]

Just properly welcoming economic socialism to America.

Why is it that the devastating effects of a fiat currency and a central bank is never discussed? None of this is the fault of one particular party, per se, as both parties take from the golden hand and sell our freedom to the highest bidder. If the members of a forum like this are unable to see that reality and fight against it, what of the rest of the Nation?

[calex59]

My 401(k) is now a 201(k).

Been listening to BozObama's speeches have you? That's his line, only he says Republicans caused it. No responsibility on his part,oh, no, he didn't help cause this mess, the party that tried to fix it caused it, yes indeed. What a putz Bozo is.

[alloysteel]

Good thing that trading stops at 4 PM today.

Of course, the Dow can start all over again on its free fall tomorrow when the market opens....

I thought the bottom would be about 9,000, now it looks more like 7,500. This was a “head and shoulder” decline. But one forgets where the first part of the “head and shoulder” should be located. We seem to getting more and more steps.

Have we lost 25% of the original peak yet? Seems like we should be a little past that.

[kesg]

Hell, we might as well demand our $700,000,000,000 back since it isn’t helping at all.

My thought exactly.

[FFranco]

What all of us need to do is emphasize to everyone we know that all the economic problems America and the World face today is due to the Democrats. It’s their fault, the Republicans bear No Responsibility.

[illiac]

659 now...

[Red Badger]

Dr. Pepper at 10-2-4.................

[verity]

"...markets in free-fall..."

"Free" is hardly an appropriate descriptor.

[Cold Heat]

http://www.youtube.com/watch?v=grbSQ6O6kbs

[Clemenza]

Tempted to reach for my Kahr Arms P-40...

[Always Independent]

Why don’t they just shut down the markets until the gov’t makes a move and keeps their mouths shut. Market seems to start out good everymorning until some jerk in wasington opens their mouth!

[Former Dodger]

Has anyone noticed that the more AYERS is mentioned and in the spotlight, the worse the Market does?

I don't know much about the market, but I am pretty sure that it can be swayed by rich folks who don't mind losing some money so that they can get a bigger payoff elsewhere.

I mean whats a few million to someone like SOROS, or other rich commies, anyway?

I have no proof, nor do I think it will be easy to find any, but I sure have a feeling about it

[Jaded]

Calling things “Bush's Plan or McCain's Plan” in the media hasn't helped. The average peep isn't really interested in how under Demoncrat leadership we got here.