October 6, 2008
Dow Ends the Day Below 10,000
Photograph of trader Arthur Cashin wearing a "Dow 10,000" hat--one that was given out when the Dow Jones Industrial Average first hit 10,000 on March 29, 1999-- today by Richard Drew/AP
Continuing the chain reaction of global markets falling--due to worries about the banking and credit crisis--the Dow Jones Industrial Average has fallen below 10,000 for the first time in four years. The NY Times reports " The index has lost more than 1,100 points — or about 10 percent — in slightly more than a week." The S&P 500 is currently down alost 5% and the Nasdaq is down over 5% (check here).
The Wall Street Journal spoke to Johnson Research Group president Chris Johnson, who utters the f-word, "It's hard to be bullish based on monetary policy or bailouts alone. It doesn't address the fundamentals of the stock market, which have some very deep problems right now." (The WSJ also has an article about how the credit crisis hits everyone, not just corporations.)
Update 3 p.m.: Earlier the Dow fell over 700 points, to the below-9,600 territory, but is currently above 9,600. Right now, it's down 650 points (6.3%), and the Nasdaq is down 7.21% and S&P 500 is down 6.78%.
Update, 4:40 p.m.: The Dow ended the day 370 points down, still ending under 10,000 at 9,955 (a 3.58% drop). The Nasdaq was down 4.34% and S&P 500 was down 3.85%.
| 
add to stumble upon
add to reddit
email this
add to facebook
add to del.icio.us
[ report this ]
George W is still not done yet. He's got another 3 months in office and he's gonna Git R Done!
[ report this ]
See you on the breadline!
[ report this ]
Has anybody heard?
The bird is the word.
[ report this ]
How about that. I called it out last week or the week before about the DOW dropping below 10,000.
Could we see under 9,000 now?
[ report this ]
lmaooooo Jacque!
That episode was hysterical last night!
[ report this ]
Goddamn you, Jacque. I had just gotten that out of my head after last night.
[ report this ]
>>
THOSE WHO OPPOSE THE TAX-PAYER/DEFICIT-FUNDED CORPORATE BAILOUT, PLEASE MAKE YOUR VOTE HEARD ON NOV.4TH BY SUPPORTING ONE OF THE FOLLOWING TWO PRESIDENTIAL CANDIDATES:
RON PAUL or RALPH NADER
NEITHER VOTED FOR THIS CORPORATE BAILOUT / EESA / TARP
http://www.ronpaul.com/2008-10-03/ron-pauls-statement-on-the-passage-of-the-bailout-bill/
HYPOCRITES, PLEASE VOTE FOR:
OBAMA and/or McCAIN !!!
BOTH MAINSTREAM CANDIDATES VOTED FOR THE PORK-LINED CORPORATE BAILOUT!
CUT'N'POST! SPREAD THE WORD!
[ report this ]
"George W is still not done yet."
Perhaps it escaped your notice but the bail-out was a democrat bill. FYI: the dems are the majority in both houses as well. No bill gets to the president without their support.
[ report this ]
@ ides of march
The bill was introduced by President Bush.
[ report this ]
A "democrat" bill... based on the President's proposal (err, Secretary Paulson's proposal), negotiated by all parties, and passed by bipartisan majorities.
Good luck with that talking point, ides.
[ report this ]
nycsniper - also Bob Barr is a candidate as well.
Problem is that the Mass Media, and most of the American public, cannot get beyond the concept of a 2 party state. Anything that's not Left or Right, Red or Blue, Coke or Pepsi, seems to be too difficult a concept for the media and Joe and Joan Sixpack to comprehend. Why, some folks might even claim that having more than 2 political parties, and candidates, is downright un-American!
And you will hear the usual blather about "fringe" candidates, "extreme" parties and "throwing away" your vote. And even though there will be more than 2 names on the Presidential ballot when you go to vote next month, only 2 candidates are selected to appear on the nationally televised debates. The debate organizers worry about "confusing" the voters with too many candidates - Americans apparently are not capable of weighing so many viewpoints at once. Keep it simple - and keep it the same: Coke and Pepsi.
The media like it that way, it does not challenge their status and makes it easy to limit their coverage of the election - and not to do their jobs by covering each and every candidate fairly and evenly.
[ report this ]
Wow. Tom Petty sure called this one.
[ report this ]
[ report this ]
alot of democrats are conservative assholes.
[ report this ]
Dow is down more then 700 points now...
[ report this ]
drewo, while your rant does have some good points, our form of democracy actually plays a lot into the two-party status quo, particularly at the presidential level.
[ report this ]
meh, I'm downloading last night's family guy,
after last week's Cleveland/brian "Love Blackually" episode it was good to laff at stupid crap. and peter delivers the stupid.
I hope whole foods got their foodstamp stuff fixed.
[ report this ]
This is a good video educating about the LEFT-RIGHT paradigm and both being controlled by the same ELITE corporations/organizations.
http://www.youtube.com/watch?v=fTahZE4q90U&eurl=http://www.jonesreport.com/article/10_08/01control_politics.html
Very easy to understand and very obvious.
[ report this ]
THEM? It's the BANKERS, the GLOBALISTS, THE ELITE. GLOBAL INVESTORS. We will become debt slaves (we already are) to Foreign powers in Europe and Asia.
ARGENTINA was a first world country, they had a bigger middle class per capita then the US and had tremendous growth. Then they had another bankers designed financial crisis (like the US is having now) and now they are TOTAL third world.
Its not completely hopeless, things can still be rectify, If people would just stand up and exercise their freedoms given by the constitution.
Did you know that the ELITE are moving out of the US and Israel for years? Even Hollywood is moving out.
Do you know where?
DUBAI, Abu Dhabi
CHINA
LONDON
Undisclosed locations in South America and other parts of Asia
If staying in the US they are moving to places like Colorado and MONTANA.
WATCH.LEARN.SPREAD.
http://video.google.com/videoplay?docid=7065205277695921912&ei=AU3pSP3LEZCQqQKVysGYAQ&q=zeitgeist addendum&hl=en
This is the SEQUEL of the original!
Lots of info on the Federal Reserve scam as well as the GLOBALISTS/ELITE.
I think this is better then the first one! And gives a great solution towards the end.
[ report this ]
Meh. Back in 2000 people were saying it might be 15 years before market averages made it back to their bubble year peaks. And Bush wasn't even President yet.
As for the elite fleeing the country I can see going to a wilderness retreat in the Andes but London? I think the celebs and Russian billionaires will be fleeing there as well.
[ report this ]
It will get better sooner or later ...
[ report this ]
Sunuvabitch...
[ report this ]
Now I'm all worried about getting stampeded by fleeing elites.
[ report this ]
you ever wonder if instead of charging George Bush to get Osama Bin Laden we should have charged Osama Bin Laden to get George Bush? The world might have been saved.
[ report this ]
Get in there Mortimer and SELL!
[ report this ]
Now I'm all worried about getting stampeded by fleeing elites.
Go squat in their condos.
[ report this ]
"Get in there Mortimer and SELL!"
hah
[ report this ]
[ report this ]
I haven't seen any eviction notices pasted on doors near me.
maybe bloomberg saw something coming when he's the only mayor to be hiring more city marshal's to perform eviction services. and people want him four more years? a mayor who wants more marshals...hmmmm.......
[ report this ]
Check your conspiracy theories at the door.
[ report this ]
hey, can you shut the window,
you're letting the stank out.
[ report this ]
And it closed at -369.88. The market goes up, the market goes down. It's a long term investment, stay the course and don't listen to the tv clown show bufoons like Cramer telling people to get out. Get out and get creamed in taxes? Yeah good advice...
[ report this ]
I wonder if the guy with the Dow 10K is still alive?
[ report this ]
How about that. I called it out last week or the week before about the DOW dropping below 10,000.
You're late. I wrote three months ago that it would be heading for the basement.
[ report this ]
i was listening to radio the other day and caught an excellent program that explained this mess in terms that i could almost understand. now, i'm practically fluent in bankocrat-speak...check it: credit default swappers are a bunch of punks!
http://audio.thisamericanlife.org/player/CPRadio_player.php?podcast=http://www.thisamericanlife.org/xmlfeeds/365.xml&proxyloc=http://audio.thisamericanlife.org/player/customproxy.php
[ report this ]
HHAHAHA - I wrote that not only the dow would fall under 10,000 but that W would send us hurtling towards the great abyss. I win!
[ report this ]
I hope you're kidding #36, this whole crisis has been known by many for years and even a decade.
Of course you won't find these people on the corporate controlled Network News.
[ report this ]
The funny thing is that if the Dow fell below 2,000 pts. nobody would care about it anymore. In the early seventies, during that nasty bear market, the Dow was so low that no one cared about investing in stocks. So maybe we should stop giving a damn about this busted market and focus on what's real out there.
[ report this ]
Maybe everybody is taking their money out to hide it for fear of Obama getting elected? When you have a marxist leading in the polls threatening to increase capital gains tax, don't be surprized when the capital starts to flee.
[ report this ]
Mc Cain is no better #39, both parties are corrupt and controlled by ELITE/GLOBALISTS.
Which is why more people are waking up this fact and wanting more 3rd party alternatives.
[ report this ]
Then why don't they vote for them? Why don't they vote for people like Ron Paul or Kucinich within the existing parties?
[ report this ]
Thanks for the lesson, Mr. Gibson.
[ report this ]
#41 Because Ron Paul and Kucinich live for the constitution and actual freedom and this is detrimental to the ELITE.
They would prefer to con people on the LEFT-RIGHT paradigm, not in their best interest if say Kucinich gets office.