Posted on 02/23/2009 12:26:46 PM PST by NormsRevenge
NEW YORK (Reuters) – The Dow Jones industrial average fell to an 11-year low on Monday as investors dumped shares on uncertainty about the latest potential U.S. government action to shore up beleaguered banks.
Making matters worse, worries about a fall-off in business and consumer spending on technology hurt the biggest names in the tech sector. IBM (IBM.N) and Hewlett-Packard (HPQ.N) were the top drags on the Dow industrials.
Investors had initially welcomed reports the government could convert an earlier investment in Citigroup (C.N) into a big common stock holding, but enthusiasm faded as long-standing uncertainty about the government's ultimate plan for banks resurfaced to pull indexes lower.
Worries on earnings expectations for 2009 also contributed to the sell-off.
"The market seems to be discounting the government's latest actions to the banking sector," said Scott Fullman, director of derivative investment strategies at broker-dealer WJB Capital Group in New York.
"While the financial sector is mixed, other groups are driving the blue chip benchmark to a new 11-year low and momentum appears to be following the downward trend of the past four weeks." he added.
The Dow fell as low as 7,188.77, its lowest intraday level since October 1997.
About $10 trillion of value in U.S. stocks has been wiped out since the market's record high close in October 2007.
(Excerpt) Read more at news.yahoo.com ...
Red October..
Obama moves to the lead for the chase to ..
Change
A New New Deal ( .. and a good deal more)
Thanks Congress and Barrack!
Thanks Specter.
Someone needs to let zero know that in order to spread wealth around there has to be some.
“Thanks Congress and Barrack!”
This will all be blamed on Bush.
President Barack Obama speaks about relief for Americans facing home foreclosure at Dobson High School in Mesa, Arizona February 18, 2009. (Joshua Lott/Reuters)
U.S. President Barack Obama speaks during the Fiscal Responsibility Summit in the East Room of the White House in Washington February 23, 2009. REUTERS/Kevin Lamarque (UNITED STATES)
To me, that is a better title.
just looked and it was down 233....crashing and burning....
President Barack Obama speaks during the Fiscal Responsibility Summit in the East Room of the White House
Fiscal Responsibility? The dems? Obama?
lololol
This crop of dimwit commies can't lie near as well as the Clintons, they don't co-ordinate with the news media so things like the stock market falling like a rock don't slip out on the same day they lie about how great the economy is.
This is a few minutes old .. it had been hanging in the mid 140-150 range for a bit,, hang on
Dow 7,150.46 -215.21 -2.92%
Nasdaq 1,395.00 -46.23 -3.21%
S&P 500 746.30 -23.75 -3.08%
Monday, February 23, 2009, 3:21PM ET
U.S. Markets close in 39 mins..
Thanks R’s and D’s.
Why does obama want to nationalize the banks?
Because that’s where the money is.
Not so much.
Although they are the focus because of Barney Frank et al, money in his back pocket (no pun intended) and billions to his friends in the last few years when he refused (when asked over and over again) to stop the lending to illegal insurgent criminal alien colonists and others that could not afford the loans.
Butt that's tangental to the main porblem with the market today, as illustrated by this thread:
Market Plunges to 1997 levels -- still falling. Where's Messiah? All Hail (Capitalism DeathWatch™)
Think any of these negative headlines will ever include the word “Obama” in them?
Makes me sick when there are simple steps that could have been taken which everyone knows work. We are being robbed plain and simple.
Wait until Obama releases his budget proposal!
Leftist dream being fulfilled. Millions of people have their savings in the stock market. Correction - “had their savings in the stock market”
It’s down to half now.
Leftist dream - reduce everyone’s savings to zero and make everyone equally poor and dependent on the government.
It's easier to march us into the fields when we're broke and unemployed.
The fastest reduction in U.S. dividends since 1955 is depriving investors of the only thing that gave stocks an advantage over government bonds in the last century.
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