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Photograph of a specialist at the NYSE by Richard Drew/AP
Well, neither talk of the government taking ownership stakes in banks or yesterday's interest rate cut has helped stem the stock market's slide. Today, the Dow Jones Industrial fell 7.2% to close at 8,589 points, under 9,000 for the first time in five years. The Nasdaq fell 5.47% and the S&P 500 fell 7.5%.
The Dow has fallen 33% percent this year, and the graph at left from USA Today shows the trend since Monday. Bloomberg News writes that the sell-off was due to "higher borrowing costs and slower consumer spending" and "concern carmakers, insurers and energy companies will be the next victims of the credit crisis." General Motors fell more than 20% today.
Canaccord Adams managing director of US equity trading Dave Rovelli told CNBC, "This is a disaster, I can't put it any other way. You would think capitulation would have been the 1,300-point loss in the first three days this week. No one wants to own stocks. ... It's just constant negative energy."
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It's under NINE THOUSAAAAAAAAAAND!
shit is real now
Shit, Rob beat me too it.
As someone who's been invested waaaay too conservatively for years, I say let it slide baby. Because when it bottoms out I'm jumping in. It's like a reset to the early 90s. Take advantage of it if you can.
I came here to post that as well, thinking I was going to have the best comment in this entire post.
My dreams, much like our economy, lie in ruin.
did this happen in the past hour? wtf?
Sky is falling. This thing is going to be fucked for years.
its time to invest.
in the company that makes smack ramen.
Could we be seeing 5,000 Dow?
just saw this today: so topical!!!
http://sadguysontradingfloors.tumblr.com/
The DOW is going to 7,500 at least, probably down to 5,500.
We don't need no water ...
oh no no more coke and whores for rich wite men anymore. The sky really is falling.
"oh no no more coke and whores for rich wite men anymore. The sky really is falling. "
The ignorance of people who think this won't affect anyone but wall street types is so funny.
I mean, who do you think you are? Someone who doesn't participate in the economy?
The USA is a socialist society. Iceland is becoming a third world nation. Hey! Oil pricies are dropping!
This will affect a lot of people, but in the long run, I think it had to happen. If you're a young family earning around $100K per year or so, you can't even afford to buy an actual house in a nice neighborhood anywhere more than an hour or more from NYC. That's just not right. Hopefully this brings prices back down to reality.
The down will bottom at around 4-4.5K, right where it was around '93 before we went on the largest expansion in history, which is now over.
Then it'll creep up in a reasonable pace until some world changing technology hits and we go on another expansion spree...followed by another down period...repeat ad infinitum.
You heard it here first.
Seems like the money managers don't want to hold stocks overnight - perhaps why we've seen such late-day drops the last few sessions. Otherwise, any kind of bad news overnight and they're helpless come the next days opening.
"This will affect a lot of people, but in the long run, I think it had to happen. If you're a young family earning around $100K per year or so, you can't even afford to buy an actual house in a nice neighborhood anywhere more than an hour or more from NYC. That's just not right. Hopefully this brings prices back down to reality."
With a corresponding drop in family income NYC housing prices are going to be just as out of reach as they always were.
matty, shut the fuck up. what are you? the voice of reason? you're a piece of shit!
no you are.
orly?!
BUSH IS A DICK! He's not done with us either. He's gonna open up America's mouth and take a steaming pile on it.
Analysts are blaming the return of short selling for today's incredible decline. You can only speculate if that is true.
This is GREAT news!
there I said it. Lower baby, lower.
freeeeee market, capitalism, darwism, labia faire yada yada yada.
this is GREAT news! best news I've heard all day.
Well played, blabla.
So is this a market crash/ collapse?
If so, will it be worse than '87? How do you think the city will be affected?
I picked a good week to get a case of Sapporo ichiban ramen.
Don't jump in too soon kids. It's gonna find a floor, rebound, and then REALLY crash.
Sir, does this mean that Ann-Margaret's not coming?
This is the perfect time to buy...so go buy yourself a shot of whiskey.
DO NOT BUY STOCKS! everyone thought the floor was 10,000 then people thought it was safe to buy then stocks rebounded, then they realized it wasn't then it fell again, then they thought 9,500 was the floor it wasn't. Buy stocks after the election, if obama wins then you will see stabilization, if McCain wins then you will see armageddon.
Sir, permission not to take Rafterman with me?
a great time to buy!
The world is financially multipolar now.
Interesting that gets brought up; a quote that constantly comes to mind when I read about the stock market is "It's a huge shit sandwich and we're all gonna have to take a bite."
>if obama wins then you will see stabilization, if McCain wins then you will see armageddon.
Wanna bet on that? From what I'm hearing, a lot of the uncertainty on Wall St. is coming from the fact that B.O. is the clear front-runner now.
"Buy stocks after the election, if Obama wins then you will see stabilization, if McCain wins then you will see armageddon."
BabyHitler,
I agree.
People are so brainwashed by Obama, they truly believe he is the messiah and will fix all our problems magically.
Be careful, sheeple. When you travel with the herd, you often end up on the chopping block.
Vageta what does the scouter say about the points of the stock?!?????