Stock Markets Fall

The Dow dropped 348 points (3.22%) and the Nasdaq and S&P 500 both dropped over 4% today as jobless claims rose to their highest level since September 2001, GE fell 10% after selling $12 billion of stock and investor waited for the House to pass the bailout package. Stifel Nicholas Capital Markets managing director Tom Schrader told CNBC, "I think economic worries are starting to settle in. Wall Street is starting to worry that the more credit dries up the longer it's going to take to reverse the negative consequences of what we've already seen." In other news, Bank of America is suing Lehman Brothers for $500 million!

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By Jen Chung in News on October 2, 2008 4:32 PM

Comments [rss]

Bill Smith

I am glad, the market trend does not depend upon the kitchen cabinets industry!

http://www.thertastore.com/

Felix Hoenikker

If we don't bail out, the markets tank.

If we bail-out, our savings will be worth much less as the dollar tanks and we're on the hook for the printed debt.

Bring on the correction.

berniegoetz

"Stocks Markets Fall"

While not technically incorrect considering the multiple indices mentioned, I somehow doubt this what Jen "My Left Thumb" Chung intended.

SteveLA

Even as the market crashes, some prosper. All is well in the kitchen cabinets industry.

Steve

http://www.kitchenspro.com

JacqueMehoff

meh, this just canceled out yesterday's gains.

famdoc

We have not even started to see the depth of this crisis. It's gonna cost taxpayer much more than $700 billion to bail us out of the mess that banks and their web of trouble have gotten us into. This will take years and your (or your parents') retirement funds will continue to dwindle, as will home values in all but a few areas. It will become nearly impossible to borrow money. Layoffs will be widespread. We're in big, big trouble.