Dow Falls Over 400 Points

Photograph of job seekers outside a Monster.com job fair in midtown by Kathy Willens/AP

The Dow tumbled 411 points (down 4.73%) while the Nasdaq fell 5.17% and S&P 500 fell 5.19%. According to the NY Times, "Wall Street spent the day looking at Washington for guidance, and investors did not like what they saw, analysts said."

The chief economist at Moody's, Marc Zandi, further explained, “Wall Street is increasingly taking its cues from D.C. Policymakers are deciding who survives and who doesn’t.” And, therefore, when Treasury Secretary Henry Paulson explained the change of plans for a chunk of the bailout money, investors weren't so happy! Of course, there was other bad news: Home values fell for the seventh quarter in a row, Goldman Sachs fell over 10%, and Best Buy fell 8% after slashing its profit forecast and warning about a "seismic" slowdown in spending.

And many businesses are seeing a surge in applications for part-time help for the holidays, though many businesses are trying to cut down on expenses.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on November 12, 2008 4:22 PM

Comments [rss]

r1b2

Sure is getting crowded at the $405 club.

Shinobi Shaw

Not everybody who voted against Obama was for Mc Cain nor were they racists.

Many are just FED UP with the LEFT-RIGHT Paradigm fraud and voted for a 3rd party member.

Of course aside from this group of people you also have the idiot racists who voted for Mc Cain.

They too are ignorant of the LEFT-RIGHT PARADIGM fraud.

JacqueMehoff

how bout krugerrands? you know, for the racist separatist sect. AKA half of America.

Shinobi Shaw

#15 not really what you're asking (or if you're serious).

Nevertheless, Storable foods, Water Filters, Gold and Silver (and maybe some Swiss francs) will get you by.

HUGO_MEGO

#14 SHINOBI, NO ONE has greater power than THE ONE, NO ONE!

Rocknrope

^ Do your sources prefer wet or dry food?

Shinobi Shaw

It's going to get WORSE people, this is not a joke. The Markets will go to a new low in the near future (my sources tell me 6000!)

This is only the beginning of a new hyperinflationary depression.

OBAMA will not fix it, because the economic crisis is GREATER then whatever power he has.

There is a very good chance the markets will hit a new low (6000!) very soon.

RUN, don't walk in selling your stock NOW, get OUT NOW!

HUGO_MEGO

Thanks Obama. Halal meats rule!

dsmith1000

Prediction: It climbs up a few hundred points and then drops again.

NannyState

Very little about this on the news. Who cares? Wall Street is so 20th Century anyway. Nowadays we trade ringtones and mp3 downloads. What was "the economy" anyway?

r1b2

We're stocking up on canned goods and have converted all our savings into gold coins and shotgun shells.

optimist

#4 I think the modern term is not Hoovervilles but 'Bamaburgs

Jen S

Yowza, how frightening. I never would've imagined that I'd be trapped at my job for fear of unemployment in my mid/late-20s.

matty

Fire paulson.

optimist

These markets are just downright racist.

BotanistPrime

Rent in those Hoovervilles is still going to be about $1000/mo.

rcltrh

This looks like a modern day breadline forming. Will they still be wearing their suits in their new UWS hoovervilles?

Guest

Wait until you hear the sound of brokers going *SPLAT* on the sidewalk. Then, it's time to buy.

babyhitler

that's what they said weeks ago. Lot's of opportunities, only to see the price of your stock drop even lower.

Whatisgoingonforums

The Dow has been up and down, tending towards the downside. Lots of opportunity of stock buyers when the new administration takes office.