General Category > General Discussion

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

(1/3) > >>

Dan:
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.

*What happened to the $700 Billion Bailout Solution?! I really thought it would be the panacea for all our financial woes...

briann:
I hope it kinda stabilizes between now and Nov. 4rth.   But the worst is yet to come.

Brian

cjd:
The bailout was for China. Investors here in America will see their portfolios dwindle because thats how the system will make up the shortfall. As usual the people who lived high on the hog with other peoples money are the ones that can sit back and smile through all this. The enjoyed themselves living on borrowed money that they never could pay back. The careful investor is going to get it where the sun don't shine once again. The bottom is very far off and it will be years until any recovery comes close to restoring whats lost. GM and Ford as well as a good many other companies will be gone this time next year. If Obama gains office things will be even worse because of his proposed taxes on capital gains. Anyone with a few bucks in the bank should spend carefully that may be the only thing that will get them over the rough times ahead.

P J C:
I bet the Dems are going to just throw more money at the problem, and hopes it goes away.

Dr. Dan:
This might help the dollar actually...outside countries might not want to invest in the US and it might give Americans the opportunity to invest in their own country...

also sold my stocks today before the continued downfall...  We're headed for tough times..it just hasn't stabalized yet.

Navigation

[0] Message Index

[#] Next page