Dow plunges 733 as new data points to recession

AP ^ | 10/15/08 | Tim Paradis

[prolifefirst]

Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.

The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.

The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity.

[elpadre]

“..this is exactly what pelosi and her gang were counting on,..”

Not just counting on - this has been well planned for a long time to come to a head just now. How did they pull it off”

[politicket]

Doubt it.

Watch and see my FRiend...watch and see..

[CodeToad]

I’ve been trading lately on positive moves, selling, and waiting for the predictable downturn, then buying again. This is almost too easy.

[Osage Orange]

Tin foil brain.

[politicket]

BTW...the early returns on the Dow futures for tomorrow morning are sitting at -113.00.

You still staying with your '500 point runup' prediction?

[steve86]

Profit taking today, poossible run up to the end of the week. This volatile market is a trader’s dream come true.

The pro readers I know, one with a 7 to 8 figure trading income last year, say this volatility since Wednesday has been a nightmare to make money in -- or let me rephrase that -- EASY to make money, EASIER to lose it. Some people have gone with straddles.

There should be upward pressure into options expiration, but that is just a factor; other forces may be stronger.

[politicket]

This is almost too easy.

Don't get caught long when they nationalize the U.S. banking system. It's coming...

[B-Chan]

Burn, baby, burn...

[Captain Peter Blood]

It's more than worry of a recession, we've been in one. It's the bailout bill and now the new strong-arm tactics of Paulson, the real possibility of a Obama Presidency and whatever else is out there.

[CodeToad]

I would never trade long in this market. The swings are enough to give me whiplash. A friend and I trade roller coaster barbs like, “Keep all hands and feet inside the car at all times.”

[Centurion2000]

The market will then go up 500 tomorrow and 500 on Friday.

PUT. the. crackpipe. DOWN.

[MilspecRob]

So Pelosi is a idiot or genius

[Afronaut]

The Market will go where it wants. It could go up 2 thousand points by Friday. There is something called oversold, and this is one oversold market.

I have no idea where the market is going to go, but if I hear one more comment about how this election is dictating the market swings I am going to hurl.

When they "Free Up the Credit Markets" We can all use credit that we can't pay back, that will rescue us! Write some more sub-prime loans... Free it up !

We are so screwed.

[longtermmemmory]

how convenient this happened on the eve of the debate.

[longtermmemmory]

Hedge funds.

[elpadre]

maybe Dean??

[EQAndyBuzz]

Watch and learn.

[Sundog]

I allow myself the indulgence to vote in Drudge’s poll-— McCain 75%

The Other guy 24%.

[MayflowerMadam]

Is it my imagination, or does the economy tank in direct proportion to Obama’s upswings in the polls?

[TexanToTheCore]

Well?