Earnings Woes Push Stocks Down

2008_10_nyse22.jpg
Photograph of traders on the New York Stock Exchange floor by Richard Drew/AP

The S&P 500 fell 6%, ending under 900 points at its lowest level since April 2003, today as disappointing earnings data shook investor confidence. The Dow Jones Industrial Average fell almost 700 points in the final hour, but ended the day down 514 points, at 8,519. A strategist at Stifel Nicolaus told Marketwatch, "What's the problem? Everything is for sale again, forced liquidation, mutual fund redemption and fear of a deep, worldwide recession."

The NY Times commented on this now familiar volatility, "The broader stock market fell almost 6 percent, a plunge that in any other financial environment would be considered extraordinary. Instead, it counted only as the worst loss since last Wednesday, when the Dow plunged 733 points."

Email This Entry


Comments (5) [rss]

You mean ending under 9,000 points? Under 900 would be very bad indeed....

That's the S&P, #1, not the Dow.

Do you think George Bush will get this down to 1980 levels before he leaves office?


I'm gonna buy when the Dow hits 7500.

And probably then again if/when it hits 5500.

Who gives a sh*t anymore!?

Post a comment (Comment Policy)

Tips

Get your daily dose of New York first thing in the morning from our weekday newsletter, now in beta.

About Gothamist

Gothamist is a website about New York. More

Editor: Jen Chung
Publisher: Jake Dobkin

Newsmap

newsmap.jpg

Contribute

Latest Tip:

http://www.fancy-dress.net/
[more]

Latest Photo:

Subscribe

Use an RSS reader to stay up to date with the latest news and posts from Gothamist.

All Our RSS

Follow us