Dow Falls Almost 700 Points

The stock market greeted the first day of December by losing upwards of 7.7%: The Dow fell 679.95 points (7.7%) to end at 8,149 points; the Nasdaq dropped 8.95%; and the S&P 500 closed 8.93% lower. The chief investment officer of the Bank of New York Mellon Corp.'s wealth management unit, Leo Grohowski, told Bloomberg News, "The economic news is going to continue to get worse before it gets better. The biggest single challenge in terms of the economy is the state of housing and it still remains precarious.”

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By Jen Chung in News on December 1, 2008 5:09 PM

Comments [rss]

NannyState

^ Another one still bitter about Nixon floating the dollar? All the gold in the world couldn't support our bullshit.

Bottomless Chips

"Mission Accomplished!"
-Osama Bin Laden

This has been in the works since 1971.

Shinobi Shaw

Matty, the real economy is in the tanks as well (such as consumer spending), so the markets are indeed reflecting the real economy.

This recession is different then the one in 1987 or 1991, because at least then the real economy was OK. Now both are in incredible bad shape!

Future Taliban

"Mission Accomplished!"

-Osama Bin Laden

bsalamon

is there a fantasy stock market league. If there is, I want in

NannyState

$2 trillion credit card defaultapalooza coming in January. Get your tickets now.

(cash only)

Huffy6241

Should have got into gold 1 yr ago - my money is on MORE BIKE PATHS and CONGESTION PRICING!!!

In your face again SUVs!!!!

S.D.

(sigh)

Really not liking this market...

Matty, you're right (IMO any way),it isn't as much an indicator of the National Economy (Remember 1987? No immediate impact Nationally), but is bad for NYC.

I'm in a support role for a bank and Everyone is nervous about their jobs.

matty

I am tired of the stock market being the arbiter of the health of the economy. We aren't any worse off than we were last week and I'll be damned if it has anything to do with stocks.

Kevin Walsh

It would start getting better if they would stop selling everything at the first whiff of bad news.

www.forgotten-ny.com

Bottomless Chips

My advice: go long cash.

Go long gold.

Cash may be okay to use to buy up cheap assets, but I feel good about precious metals more and more as we head into 2009.

r1b2

Profit takers took profits and the numbers aren't there to support last week's exuberence. Short term treatments aren't long term cures. My advice: go long cash.