Nightmare on Wall Street: Dow Plunges 513

Fox Business ^ | 8/4/11 | Adam Samson

[Nachum]

The blue chips nose-dived 513 points into correction territory, while the broad S&P 500 shed 4.8%, after anxiety over the economy sent traders racing out stocks and commodities.

Today's Markets

According to preliminary calculations, the Dow Jones Industrial Average fell 513 points, or 4.3%, to 11,384, the S&P 500 tumbled 60.2 points, or 4.8%, to 1,200 and the Nasdaq Composite slid 137 points, or 5.1%, to 2,556. The FOX 50 tumbled 37.5 points, or 4.2%, to 864. Related Video

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Tension on Wall Street was extremely high on Thursday. Traders piled up into Treasury bonds, seen as one of the safest non-cash assets during tumultuous times. Indeed, Treasury yields on 10-year Treasury securities dipped well below 2.5% -- the lowest since November.

"The mood is pervasively negative," said Peter Kenny, managing director at Knight Capital Group. "It would take quite the imagination to come up with a silver bullet" to re-instill confidence in the economy.

[tumblindice]

“Daily KOS all day today, has been this is THE TEA PARTY’S FAULT”

Good point. Blaming the people demanding fiscal accountability because our tits are in the wringer reminds me of the old story about the young man accused of murdering his parents, and blaming them for not giving him enough allowance ...
and he’s an orphan.
Of course expecting Koskids to recognize that is like hoping your dog might someday stand on his hind-legs and recite Pericle’s `funeral oration.’

[semantic]

The perfect slave system, one in which people actually believe they are free. Just look at all the rabid posts @ FR blaming the Dems, when in actuality, the fake conservatives (Reps) are in on the scam as well.

The entire ball of wax is predicated on ever higher levels of public+private debt. It can never go down. Once a newly minted congressperson shows up in DC, perhaps full of vain glory and ideals, they are shown the real data.

It's why even supposed TP reps caved and voted to increase the debt ceiling. No one wants to go there - everyone figures they can blame Bernanke of some other person when this mofu blows.

[ViLaLuz]

I’ve already accepted I’ll have to work as long as I can.

[YHAOS]

All my Liberal friends told me that, if I continued to oppose raising the debt ceiling, the stock market would crash.

. . . well . . . they were right.

[tcrlaf]

JUST SO YOU KNOW, NBC Evening News blamed today’s market drop on “Conditions beyond Obama’s control in Europe!” (that’s a DIRECT QUOTE).

Meanwhile they conveniently ‘forgot’ to mention that the markets have dropped 1,200 points in the last 10 days....

If the sheeple aren’t paying attention, they’d never know that from NBC NEWS.

[Munz]

>Today’s drop of 513 points would rank it as the 9th worst day in 20 years.<

Obamanomics ... all is well and going according to plan.
He is “fundamentally transforming America” as promised.

Transforming it into a welfare state under his direct control .. now be quiet and eat your peas.

[Munz]

>Thanks for this gift you have given America.<

Financial Herpes??

[dmzTahoe]

[NoControllingLegalAuthority]

Yes, we are definitely headed for correction territory.

It's the kind where the "entitled" riot and burn the cities, triggering anarchy, and the responsible people have to step in decisively themselves and employ their own summary "correction" to the out-of-hand situation.

There is nobody in charge now but there will be. We can count on it.

[FightThePower!]

“What am I missing?”

I don't think you have done as well as you are bragging about. Stock averages have made no net progress since 1998. So I suppose you are an expert stock picker, you know, you've picked all off the winners, none of the losers like GE, Microsoft, and bank stock, PG, CISCO, Ford, GM, Wal Mart, etc. I could go on and on. I bet you just bought the winners like AAPL and Google.

[MrB]

The message is obviously photoshopped, but it certainly is the truth.

[MrB]

Understand that a communist takeover tactic is the elimination of opposition leaders after a chaotic trigger event.

Just be aware if you have leadership tendencies that you’ll be a target for “disappearance”.

[napscoordinator]

I am talking cumulative. However, Walmart I do have and have had it since 1995 and it has been doing very well. I also have had McDonald's since the 90's. Harley Davidson as well and Apple since around 2001. And many others. I am not saying that I have never lost money (on paper) but the point is to not panic when things are bad. Just ride the way and buy more when you feel comfortable that it hit bottom or close to it. There is a HUGE possibility that as long as you pick reliable stocks, the companies will still be around come retirement time.

[Palladin]

Good call.