Dow Jones industrial average plunges 600 as market rout continues

latimes.com ^ | Aug 8 2011 | LA Times

[NoLibZone]

The Dow Jones industrial average plunged as much as 600 points midday Monday as the market rout continued in the first day of trading after Standard & Poor's downgraded the United States' credit rating.

Investors have piled out of stocks all day and into a few safe havens, such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor's downgrade of the U.S. has not shaken the faith of investors in U.S. bonds.

Market experts said that the market selloff on Monday was sparked by the S&P announcement, but is more motivated by growing concerns about the weakness of the global economy.

"It’s really all about economics," said Mike Norman, the chief financial strategist at John Thomas Financial.

The Dow was recently trading down 536.18 points, or 4.7%, at 10908.43, and is on track to have its worst day since December 2008. The broader Standard & Poor's 500 index was down even more sharply, 68.49 points, or 5.7%, to 1130.89.

"It's been harried," said Sal Arnuk, the head of Themis Trading, which has its trading floor in Chatham, N.J. "We have been busy this morning."

The concern about the U.S. credit rating was amplified when Standard & Poor's announced Monday morning that it was also downgrading the debt of mortgage giants Fannie Mae and Freddie Mac, which rely on U.S. government guarantees. But traders said that much of the pessimism on Monday was a result of broader building concerns about the economy.

[DoughtyOne]

One third of the losses, came after Jr. addressed the non-importance of the S&P downgrade to AA+. LOL

[onyx]

THE MARXIST BASTARD OWNS MONDAY’S MASSACRE.

This is obama’s economy.

[tcrlaf]

I expected a bad day, I planned for a bad day, and didn’t buy the Democrat/Media bullshit line of “This doesn’t really matter, and won’t make any difference!” that was being parrotted all weekend, but even I didn’t think it would be THIS BAD......

VIX has closed at OVER 45 today, and I don’t see anything happening to make it go down anytime soon.

[rightwingintelligentsia]

Down over 634 points. That’s just incredible.

[fireforeffect]

You need to find more reputable sources than CNN or the L.A. Times (and not the NYT, MSNBC, WaPo, etc).

Never believe anything from the Liberal media unless you can confirm it from at least two other sources.

[ken21]

comrade obama’s doing this deliberately.

[rawhide]

obamma showed no real concern today, like he could care less. He offered no immediate actions, instead calling for action from the parties in Congress. Just more of the same. Hollow suggestions.

This is the way obamma operates. No executive actions. He did not even hint he would call Congress back into emergency sessions, instead saying he would wait until they return in Sept.

What a do-nothing president!

[tcrlaf]

“One third of the losses, came after Jr. addressed the non-importance of the S&P downgrade to AA+”

Obama- “we’ll talk about it.
On a few weeks.....
Can’t interrupt the Ramadan Vacation, doncha know.”

[Zauber]

The S&P Index is down ~ 6.66 ~ percent. Hmmm ...

[NoLibZone]

[tcrlaf]

Today was Obama’s Katrina...

[GonzoGOP]

Everything that the market picked up after November of 2010 has been lost in the last two weeks. And we are no place near the bottom. A lot of the rosy tax projections assumed that there would be a lot of capital gains from the stock market due to the rise during 2011. Now they will be using the losses in the stock market to lower their income taxes. So much for funding the deficit with new taxes. Over 5% of the economy just vanished and now Obama can't tax it. Perhaps they should try some serious cuts instead.

[AngelesCrestHighway]

[truth_seeker]

This matters not, to them.

Holder’s people don’t own stocks.

They get foodstamps and beat up white people in Wisconsin.

We need Early Elections.

[Berlin_Freeper]

Huffington Post
Breaking: Dow Jones suffers sixth-worst point drop in history
15 minutes ago

[Deo volente]

As the market collapses and middle class investors by the tens of millions get killed, he's hosting a Ramadan dinner. What are Muslims, like, 1% of the population?

No budget, no initiatives, no leadership. Only blame, blame, and more blame for the people who actually want to do something about our ghastly financial state.

[ZULU]

Gee. We’re reliving HISTORY!!! (Stock Market Crash).

[Deo volente]

I wonder if we're going to see another huge drop tomorrow.
Of course, Bernanke could announce some new program of “stimulus”, and we could see a bounce-back. Who knows?

[ZULU]

There are only two possibilities here:

1) B.O. is a dumb as a post - impossible since he couldn’t be an idiot and get where he has gotten.

2) He’s doing this deliberately to cause a soci-economic crash and re-structure America along globalist socialist/Islamic lines.