Dow Industrial Avg. drops to sub 7000 First time since 1997 [Archive]

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Grande

10-07-2008, 04:55 PM

Tuesday, October 07, 2008
Markets Drown in Another Selling Wave

<Snipped>

The Dow plummeted another 500 points to five-year lows on Tuesday as Wall Street shrugged off another emergency effort by the Federal Reserve to cure ailing credit markets.

The selloff capped the Dow's worst five-day point drop in history and came despite the Fed unveiling another plan aimed at unfreezing credit and giving a strong signal that the door may be open to more interest rate cuts.

Read the rest of the story here >
http://www.foxbusiness.com/story/markets/futures-rise-despite-european-market-turmoil/

Grande

10-07-2008, 04:58 PM

Tuesday, October 07, 2008
AIG Executives Blow $440,000 After Getting Bailout

If you'd just gotten a government bailout, you might be tempted to hold a retreat at a nice California hotel -- and that's exactly what American International Group (AIG: 3.51, -0.36, -9.30%) executives did.

The committee on Oversight and Government Reform held a hearing on Tuesday at 10:00 a.m. Eastern time. to address and examine downfall of AIG, the world’s largest insurance company. The committee planned to discuss the financial excesses and regulatory mistakes that led to AIG’s government bailout.

One of the items discussed was AIG’s expenditure of $440,000 for a corporate retreat at the St. Regis Monarch Beach resort in Los Angeles, Calif. These funds were spent on Sept. 22, a week after the Federal Reserve extended an $85 billion emergency loan to AIG to keep it from going bankrupt due to insurance liabilities.

According to the receipt from the St. Regis, the eight-day company retreat was a lavish one -- $139,000 was spent on hotel rooms, while even more money -- $147,301 -- was spent on banquets. Another $23,380 was spent on undisclosed spa treatments and another $6,939 was spent on golf. A full $9,980 was spent on room service and food and cocktails at the hotel lounge.

The St. Regis Monarch Beach resort is described on its Web site as “a landmark resort of legendary proportions.”

Legendary, indeed.

http://www.foxbusiness.com/story/markets/industries/finance/aig-executives-blow--getting-bailout/

Grande

10-07-2008, 05:02 PM

http://i34.tinypic.com/2pobqd2.jpg

From 14,093 one year ago today to 9447 as of closing bell today.

DOWN 33%.

Trailblazer

10-07-2008, 05:25 PM

Texas53

10-07-2008, 05:33 PM

Trailblazer

10-07-2008, 06:19 PM

I'm just watching my retirement swirl down the commode with the Tidy Bowl Man! Our worthless politicians wanted to privatize Social Security. Had that been allowed, many elderly people would be in worse conditions then they could have ever imagined.

And that's all of them...both sides of the aisle...Like you...down the drain...and it's not going to get better...and at this point, you can't even move it for fear of further losses...Bunch of crap...

wheezer

10-07-2008, 08:04 PM

There was a poll on one of the major news sites. There were three choices about what you would do with your money. One was keep it where it is, the other I am drawing a blank on right now, but the third choice was in a mattress. Guess which one got the most votes. Pretty sad.

Grande

10-08-2008, 04:13 PM

Significant trading volume into the close today (6m + shares at 3:58 EST)here prior to the closing bell. Market is off another 2% or down 185+ points to 9258.

Trailblazer

10-09-2008, 03:07 PM

What in the world is going on???? I'm really frightened....I know I can't do anything, but hang in there...but good golly...Am I going to end up being a bag lady??????

lost indie

10-09-2008, 03:12 PM

What in the world is going on???? I'm really frightened....I know I can't do anything, but hang in there...but good golly...Am I going to end up being a bag lady??????

What's going to happen is going to happen. I keep telling dh that we have a paid off van and worst case scenerio we can live in that.

We may become bag ladies but we'll be styling...

:0009:

Pauli

10-09-2008, 03:13 PM

I'll be right there with ya :000a1:

Trailblazer

10-09-2008, 03:14 PM

What's going to happen is going to happen. I keep telling dh that we have a paid off van and worst case scenerio we can live in that.

We may become bag ladies but we'll be styling...

:0009:

I'm lucky that my house is paid for and so is my Trailblazer...but still...I live on my investments....:groan:

And you're right...what is going to happen is going to happen...but it feel good...

packy

10-09-2008, 03:15 PM

I'm savin' my bags as we speak.

tbrito1

10-09-2008, 03:16 PM

What in the world is going on???? I'm really frightened....I know I can't do anything, but hang in there...but good golly...Am I going to end up being a bag lady??????

hey TB, i was pretty pissed off this morning,they were selling pocketbooks that convert over to lunch boxes, i was like, hell, what good are lunch bags when we can't afford to put anything in them?:blondblush113268230

Trailblazer

10-09-2008, 03:17 PM

I'm savin' my bags as we speak.

LOL I better go find me a pretty one just in case....

Trailblazer

10-09-2008, 03:18 PM

hey TB, i was pretty pissed off this morning,they were selling pocketbooks that convert over to lunch boxes, i was like, hell, what good are lunch bags when we can't afford to put anything in them?:blondblush113268230

No kidding....

Grande

10-09-2008, 03:20 PM

Let's hope breaking through what appeared to be some support @ 9000 isn't an indication of what's to come.

Grande

10-09-2008, 03:29 PM

I'm savin' my bags as we speak.

All us ordinary cit's are going to be left holing the bag so to speak, meanwhile these corporate exec's are 'Rockin' out with their bailouts' in premier resorts, i.e., AIG's recent 440K expenditure in St. Regis;

AIG American General Itemized receipt for 9/22 thru 9/30 vacation;

http://i38.tinypic.com/2ut6ruv.jpg
http://i37.tinypic.com/10wjf5w.jpg

Trailblazer

10-09-2008, 03:29 PM

Let's hope breaking through what appeared to be some support @ 9000 isn't an indication of what's to come.

Well Shepard Smith on Fox...said it's not going to get better any time soon...so much for the Bailout...:groan:

Pauli

10-09-2008, 03:29 PM

Trailblazer

10-09-2008, 03:30 PM

All us ordinary cit's are going to be left holing the bag so to speak, meanwhile these corporate exec's are 'Rockin' out with their bailouts' in premier resorts, i.e., AIG's recent 440K expenditure in St. Regis;

AIG American General Itemized receipt for 9/22 thru 9/30 vacation;

http://i38.tinypic.com/2ut6ruv.jpg
http://i37.tinypic.com/10wjf5w.jpg

Doesn't that just make you so angry....I could just scream....:madranting94dp:

Grande

10-09-2008, 03:36 PM

bite your tongue Grande :mad: lol.

I'm know I need to leave my 401k right where it's at, but I am so torn about it right now.. It just makes you sick to see how much it goes down each day... I think I would lose less by paying the penalty for taking it out early.. but then again I know the market has been through this before and has always came back :groan: it's such a stress point for seniors that depend on that money to live on... I have just a few short years before I retire and I know I will not make up what I have lost... younger people that have 10 or more years to be in a 401k will make it back up over time.

Oh trust me, I worry about the baby boomers nearing retirement, my parents aren't too far away from that point. I'd liquidate my 401k and give it away in a heartbeat if I thought it would help.

I feel for ya Pauli and everyone else that finds themselves in that prediciment. What a shame. The market still has some MAJOR issues that have not been addressed, specifically the NSS or Naked short sales. Fortunately for us, I don't think they ever will be, the result of doing so would be catastrophic to the world's economy IMO.

Trailblazer

10-09-2008, 03:40 PM

Pauli

10-09-2008, 03:47 PM

On our plan we can take out a loan for half or $50k, whichever comes first. I sold my house and bought some land that has 3 smaller houses on it. So I think that since I have a sales agreement that lists what the amount was I am going to borrow the $50k... I won't have to pay any penalties.. I will have to make loan pyments back to myself though @ 4% interest and can set it up for 10 years... at least I will have that much out of there that won't be lost... I am going to move the rest of my investments around to more bonds than stock and hopefully all of that will reduce what can/would be lost...

Trailblazer

10-09-2008, 04:08 PM

Dow down 678 points

Grande

10-09-2008, 04:32 PM

MASSIVE volume into the close... YIKES! Almost 20 million shares (majority were sales) in the last minute.

Grande

10-09-2008, 04:38 PM

U.S. stock indexes slammed as GM, financials hit
Dow Jones Industrial Average off 5,000 points, or 37%, from year-ago peak
By Kate Gibson, MarketWatch
Last update: 3:45 p.m. EDT Oct. 9, 2008

<Snipped>

NEW YORK (MarketWatch) -- U.S. stock losses accelerated Thursday afternoon, with the major indexes down for a seventh day as financial shares weighed and credit worries continued to roil the market, dimming enthusiasm that came with International Business Machines Corp. topping its profit estimates.

http://www.marketwatch.com/news/story/us-stock-indexes-add-losses/story.aspx?guid=%7B2067E099%2D1A1C%2D4B3B%2DB193%2 DD2B70F65B7D4%7D

Trailblazer

10-09-2008, 04:41 PM

Hey my suggestion...Have a drink..relax...nothing any of us can do about it

Grande

10-09-2008, 04:45 PM

Hey my suggestion...Have a drink..relax...nothing any of us can do about it

ITA! Mind if I join you? :zm10:

Trailblazer

10-09-2008, 04:49 PM

ITA! Mind if I join you? :zm10:

Of course....I don't normally drink....but I popped open a Miller Lite...needed it If I had champagne, I'd have drank it...better to live good now while I can ...I can't continue thinking about this....

It's something I can't control...Tommorrow is another day

Trailblazer

10-09-2008, 06:10 PM

http://www.nytimes.com/2008/10/09/business/yourmoney/09money.html?ref=todayspaper

Switching to Cash May Feel Safe, but Risks Remain

By RON LIEBER
It’s a question we’ve all asked in our darker moments of late: Why not just put all of our investments in cash, 100 percent, just for a little while, until things calm down?

Some people already seem to be acting on that instinct. In the first six days of October (through Monday), investors pulled $19 billion out of mutual funds that invest in United States stocks, matching the outflows for the entire month of September, according to TrimTabs Investment Research.

“What clients are looking for is safety,” said John Bunch, president of retail distribution at TD Ameritrade. “They are seeking solutions that are backed by the federal government. Specifically, F.D.I.C-insured money funds and certificates of deposit. All of it is under the umbrella of, ‘Am I safe and insured?’ ”

By fleeing for the comfort of safe and insured, however, investors with a time horizon beyond a few years may be doing real damage to their long-term finances. If you’re tempted to make a big move to cash right now, you’re doing something called market timing. It’s an implied statement that you’ve figured out the right moment to get out of stocks — and will also know the right time to get back in.

So let’s dispense with the first part straightaway. The right time to move out of stocks was a year or so ago, before various stock indexes the world over fell by one-third or more.

If you missed that opportunity, you’re hardly alone.

But if you sell now, you’ll be locking in your losses. And once you’re in cash, there isn’t much upside. In fact, with interest rates low, you’re likely to lose money in cash, because inflation will probably eat up the after-tax returns you earn from a savings or money-market account.

A guarantee of a small loss may sound good right now. But if you’re not bailing out of stocks once and for all, how will you know when it’s time to get back in? The fact is, any peace of mind you gain by being on the sidelines now will turn into a migraine once you see how much you can harm your portfolio over time by missing just a bit of any rebound.

H. Nejat Seyhun, a professor of finance at the Ross School of Business at the University of Michigan, put together a study in 2005 for Towneley Capital Management, where he tested the long-term damage that investors could do to their portfolios if they missed out on the small percentage of days when the stock market experienced big gains.

From 1963 to 2004, the index of American stocks he tested gained 10.84 percent annually in a geometric average, which avoided overstating the true performance. For people who missed the 90 biggest-gaining days in that period, however, the annual return fell to just 3.2 percent. Less than 1 percent of the trading days accounted for 96 percent of the market gains.

This fall, Javier Estrada, a professor of finance at IESE Business School in Barcelona, published a similar study in The Journal of Investing that looked at equity markets in 15 nations, including the United States. A portfolio belonging to an investor who missed the 10 best days over several decades across all of those markets would end up, on average, with about half the balance of someone who sat tight throughout.

So moving to cash right now is just fine as long as you know precisely when to get back into stocks (even though you didn’t know when to get out of them).

At some point, stocks will indeed fall enough that investors will remove the money from their mattresses and put it to work, causing prices to rise significantly. But, as Bonnie A. Hughes, a certified financial planner with the Enrichment Group in Miami, put it to me, there won’t be an e-mail message or news release that goes out when this is about to happen. It will be evident only afterward, on the few days when the market surges.

And it gets worse for those who think they won’t have any trouble investing in stocks again later. Medium- or long-term investors who are considering a big move into cash right now are probably making an emotional decision, at least in part. For those who follow through, the same instincts will probably hurt when trying to figure out when to reinvest in stocks.

“The emotional forces that drove them out of the market aren’t likely to let them back in ‘until things are better,’ ” Dan Danford of the Family Investment Center in St. Joseph, Mo., said in an e-mail message. “And for most people, things won’t feel better again until the market has already moved back up.” In fact, he added, plenty of people may not allow themselves to get back in until the market has already risen significantly.

That situation is worth considering if you think your mood, or returns, can’t get any worse. “People feel worse missing out on the bounce-back that will inevitably come than they do hanging in there through the down period,” said Elaine D. Scoggins, a certified financial planner with Merriman Berkman Next in Seattle.

The truly downbeat do not see the bounce as inevitable. This outlook is essentially a bet that our current predicament is so different that the equity markets won’t bounce back at all, even though they survived 1929, the Great Depression, 1987 and a major terrorist attack. I do not believe that the markets are in some kind of permanent decline, and I haven’t found an expert who does.

That said, some retirees, or those close to leaving the work force, may be well-off enough to leave stocks behind for now. If the tumult in the economy and the decline in the markets have altered your risk tolerance, then it may make sense to move to a portfolio of Treasury bills, certificates of deposit and money market funds.

Michael G. Coli, 56, of Crystal Lake, Ill., decided to take his 401(k) money out of the market in February. As an investor in his sons’ pizza restaurants, he noticed that an increasing number of customers were relying on credit cards. And as the owner of a winter home in Naples, Fla., he witnessed the housing market dive. Taken together, he decided to pull his retirement money, which he would need in five years, from the Vanguard Balanced Index Fund and move it all into certificates of deposit.

“I had the feeling the economy was not on real firm ground,” Mr. Coli said. “I decided to get out and put it all in C.D.’s, and that is where I’ve been ever since.”

If you can’t afford to live off the proceeds of cash investments (or dividends from your investment in your kids’ pizza joints), you may have no choice but to hold on to whatever stocks you have left. Then, you can hope for a rebound that will allow you to live out your later years more comfortably. Selling now and moving to cash could mean guaranteeing a lower standard of living for the rest of your life, because you’d be locking in your losses.

But if you’re a bit younger, try to think of your investment portfolio in the same way you consider the value of your home, if you own one. After all, if you’re not moving anytime soon, your home is a long-term investment, too.

“Today’s price is not your price. Your price is 10 or 20 years from now,” said Thomas A. Orecchio, of Greenbaum & Orecchio, a wealth management firm in Old Tappan, N.J. “Unfortunately, stock market investors don’t always see things that way.”

Tara Siegel-Bernard contributed reporting. E-mail: rlieber@nytimes.com.

Trailblazer

10-09-2008, 06:47 PM

http://articles.moneycentral.msn.com/Investing/SuperModels/its-a-great-time-to-be-afraid.aspx
By Jon Markman

It's a great time to be afraid

Fear is getting a bad rap in the market these days, which is a shame because it's a basic instinct that deserves respect. We often hear that greed is the way to go when markets trade down, but that's not quite right. Fear works, too. Fear clarifies. Fear is good.

I saw fear work its magic most recently last Friday while visiting a ranch in south Texas. Down in the scrublands to hunt doves for the weekend with some friends in the oil and gas trading business, I could see fear rise in my companions' faces while taking a midday break from the heat

They were watching Congress vote on the $700 billion bailout bill on a big-screen TV while sipping beers and putting away shotguns, and they all seemed to know instinctively that it would lead to disaster. The fear prodded many to act, taking turns on a laptop to type in big orders to sell futures as the major market indexes crested in the afternoon before rolling over into what would become a historic dive this week.

Fear works best when it comes from knowledge and not terror. It is good when it bolts from your guts to rouse your brain from complacency, forcing you to act more on instinct than just reason. It cuts through Wall Street's myths to let you know that danger lurks and you'd better do something. In such situations, he who panics first panics best: A year ago, when Satyajit Das first warned us of global deleveraging, was a good time to fear. So was last Friday. Live and learn.

Loopholes in a 'joke' bailout
Emilio knows all about the intersection of fear, lies and action. He worked as an energy trader for Enron back in the day, and lived to tell the tale. He now trades gasoline futures for a major refiner, and he chuckled at the spectacle of legislators appearing to believe they were stanching the credit crisis with their vote. "If you really read the bill, and understand how it will be interpreted, it's the scariest thing you ever saw," said the trader, who asked me not to use his real name. "These guys have no idea what they're unleashing."

Talk back: Is fear at the root of the financial crisis?

Emilio knows, because he learned from the master manipulators at Enron. For an example, he said, check out Section 113 of the bailout bill, titled "Minimization of long-term costs and maximization of benefits for taxpayers." This is the section that Congress haggled into the bill to ensure a payoff, via warrants, for citizens if mortgages purchased from banks are later sold for a profit. Yet Emilio says bank lobbyists snookered the government by sneaking in an exception under subsection 3a, "Conditions on purchase authority for warrants and debt instruments." The clause, titled "Exceptions -- De Minimis," states that any debt instruments worth less than $100 million won't trigger the payback provision.

Emilio says that banks will simply issue their debt in tranches of $99 million or less, and avoid allowing the government -- and thus taxpayers -- to get a piece of the banks' profits. "It's a joke," he scoffed.

Other traders who scanned the bill came to the same conclusion, through their own prisms, agreeing that the bill would provide only an illusion of action while failing to address the key problems facing the financial system: Too many houses will remain on the market; they were bought with too much leverage that is vaporizing in spurts; and those losses have left banks with too little capital from which they can lend.

Even worse, the traders pointed out, the government can make money on the loans only if it pays so little for them that they can be sold at a much higher price. And yet if the government doesn't pay enough, then the banks won't receive enough to make a difference in their balance sheets. So here's how the taxpayers will be cheated, they said: Banks will take advantage of the suspension of mark-to-market accounting by stating that loans originally held at "par," or the equivalent of the purchase price, and now valued by the market at 20 cents on the dollar, will really be worth 85 cents if held until the loan matures. The banks will then sell the loans to the government at a fake discount of 75 cents on the dollar.

"The lobbyists made sure this bill was rammed through so that these rip-offs couldn't be fixed in committee," said another trader. "Everyone on the Street knows it solves nothing."

In fear we trust
This is why there's a bear market in trust, even among the elite. So perhaps that is why fear last week was the appropriate response. Consider that most of the traders I talked to believe that as poorly as U.S. banks have acted in acknowledging and dealing with their losses, the voting Friday threw into sharp relief the fact that there is no similar effort in Europe.

Banks on the continent have acted under an even looser regulatory environment than in the United States, and have piled up even more leverage than U.S. banks -- all of which must be unwound. This week, European banks tumbled even faster than ours, with the Royal Bank of Scotland (RBS, news, msgs) plunging 43% on Tuesday alone.

Grande

10-10-2008, 09:48 AM

9:35 AM
Investors Brace For Another Rocky Day On Wall Street
By: NY1 News

As fear and worry drive overseas stock trading, the Dow Jones industrial average lost nearly 600 points on its open this morning.

At one point, the Dow fell below 8,000.

Japan's Nikkei index was off by about 10 percent in early trading amid escalating fears of global recession, while markets in Hong Kong, Australia, South Korea, Thailand and the Philippines were all down more than seven percent.

In Indonesia, authorities suspended trading indefinitely on the Jakarta Stock Exchange.

Early trading in Europe has been also been marked by a lot of sellers and not enough buyers. The major European stock averages are down five-to-seven percent.

This all follows yesterday's Wall Street meltdown, a day that started with the prospect of stock prices actually rising for a change. But the Dow plunged in the final hour of trading. The benchmark market index dropped 679 points on the day, to close below 9,000 for the first time in five years.

President George W. Bush is expected to once again address the economic situation at a news conference this morning.

The index was heavily influenced by General Motors. It's one of the 30 companies used to calculate the Dow and its shares gave up 31 percent of their value. GM is at its lowest level since 1950.

Heavy selling in the automaker's shares intensified after rating agency Standard & Poor's said the company's credit could be downgraded.

The Bush administration is considering even more drastic intervention in the banking system. The latest plan under consideration, according to the Wall Street Journal, is for the federal government to guarantee all bank debt. That would include removing the limit on federal deposit insurance.

A more coordinated global action will be discussed in Washington today as finance leaders of the Group of Seven countries meet.

Meanwhile, Wells Fargo seems now to have won the battle to buy out struggling rival bank Wachovia.

Wells Fargo said late yesterday it ended talks with Citigroup over how to split Wachovia between the two companies, and was moving ahead to acquire all of Wachovia's banking and other operations.

Last week, Wells Fargo offered more than $15 billion to buy Wachovia, just days after Citigroup said it had agreed to buy the bank for about $2 billion.

Citigroup says it will not challenge the Wells Fargo-Wachovia deal in court, but still plans to seek $60 billion in damages for breach of contract.

http://www.ny1.com/content/features/87010/investors-brace-for-another-rocky-day-on-wall-street/Default.aspx

Grande

10-10-2008, 09:53 AM

http://i36.tinypic.com/1zcnxcn.jpg

Grande

10-10-2008, 11:54 AM

Djia 8,160.08 down 419.11 (4.89%)

Grande

10-10-2008, 01:57 PM

At 1:54PM ET: 7,977.61 -601.58 (-7.01%)

Trailblazer

10-10-2008, 02:00 PM

At 1:54PM ET: 7,977.61 -601.58 (-7.01%)

Oh you're just doing everything to make me have a bad day....:groan:

J/K....I think it's 5 O'Clock somewhere...

Grande

10-10-2008, 02:27 PM

Oh you're just doing everything to make me have a bad day....:groan:

J/K....I think it's 5 O'Clock somewhere...

LOL, I'm sorry that's not at all my intent.

... :happy0158:

Trailblazer

10-10-2008, 02:30 PM

LOL, I'm sorry that's not at all my intent.

... :happy0158:

I know...Margharita's anyone????

I just don't know how long this is going to last....It needs to stop...NOW

Pauli

10-10-2008, 02:35 PM

Oh you're just doing everything to make me have a bad day....:groan:

J/K....I think it's 5 O'Clock somewhere...

Isn't he :000a1:damn you think it can't get much worse and then a new day gets here... and it's worse than the day before.

Pauli

10-10-2008, 02:36 PM

I know...Margharita's anyone????

I just don't know how long this is going to last....It needs to stop...NOW

Just one.... I'm going to just by a sack of lemons and a bottle of Tequila.. to hell with mixing.. this calls for a 'straight' approach...

Grande

10-10-2008, 03:11 PM

just one.... I'm going to just by a sack of lemons and a bottle of tequila.. To hell with mixing.. This calls for a 'straight' approach...

:67302: :67302:

Grande

10-10-2008, 03:13 PM

Well, I think we finally found our new base @ about 8,000. It's hovering around 8100-8200 now but I wouldn't be surprised if there's a little more profit taking near the closing bell. I would look for a bounce Monday. There's some deals to be had out there IMO.

Grande

10-10-2008, 03:14 PM

Actually I just looked again. A sharp spike up to 8,400 just now w/ some volume behind it.

Grande

10-10-2008, 03:16 PM

Friday is usually a profit taking day for it to stabalize now indicates it's forming a base, a good sign IMO.

Pauli

10-10-2008, 03:23 PM

Bush needs to keep his ass off TV.. every time he gets on there things take a dive...

Grande

10-10-2008, 03:25 PM

Bush needs to keep his ass off TV.. every time he gets on there things take a dive...

:wink:

Pauli

10-10-2008, 03:29 PM

Hey.... it's bouncing back a bit... it's up +57

Trailblazer

10-10-2008, 03:33 PM

Hey.... it's bouncing back a bit... it's up +57

WooHoo...maybe it's going to start turning around...I'm sure gonna be praying for that....

Thanks Pauli...it's now up 105 points....

Trailblazer

10-10-2008, 03:34 PM

Just one.... I'm going to just by a sack of lemons and a bottle of Tequila.. to hell with mixing.. this calls for a 'straight' approach...

You have the right idea...:67302:

Pauli

10-10-2008, 03:35 PM

I'm holding my breath hoping we make it through the day on an upside for a change..

Pauli

10-10-2008, 03:36 PM

oh helllll.... +310

well damn... back down to +184 now

Trailblazer

10-10-2008, 03:36 PM

I'm holding my breath hoping we make it through the day on an upside for a change..

3:36pm up 295 points

Pauli

10-10-2008, 03:44 PM

Well bite me..... down to +44.04 :madranting94dp:

Trailblazer

10-10-2008, 03:46 PM

Bush needs to keep his ass off TV.. every time he gets on there things take a dive...

ITA..:zm10:

Pauli

10-10-2008, 03:49 PM

Damn -31 :groan:

I'm done watching today... i'll just look at the results later....:1187603408.CR.Mothe

Grande

10-13-2008, 12:26 PM

At 12:26PM ET: 9,002.20 UP 551.01 (+6.52%)

Trailblazer

10-13-2008, 01:04 PM

At 12:26PM ET: 9,002.20 UP 551.01 (+6.52%)

WooHoo :zm10: (dancing in the streets)

Grande

10-13-2008, 03:42 PM

Nice bounce today!

At 3:40PM ET: 9,218.76 UP 767.57 (+9.08%)

Trailblazer

10-13-2008, 03:52 PM

Nice bounce today!

At 3:40PM ET: 9,218.76 UP 767.57 (+9.08%)

was just up 800 points

StoneFox

10-13-2008, 03:58 PM

up 934 points now!!!!

be still my heart

Trailblazer

10-13-2008, 04:01 PM

962 closed

Grande

10-13-2008, 04:01 PM

was just up 800 points

WOW! It's up 950 now. At 3:59PM ET: 9,402.03 UP 950.84 (11.25%)

Grande

10-13-2008, 04:02 PM

962 closed

NICE upticks w/ good volume @ the close! Good sign!

Trailblazer

10-13-2008, 04:05 PM

WOW! It's up 950 now. At 3:59PM ET: 9,402.03 UP 950.84 (11.25%)

Happy days are here again:zm10:

Grande

10-13-2008, 04:11 PM

Happy days are here again:zm10:

Well that's definitely a step in the right direction. :hifive:

Grande

10-15-2008, 04:32 PM

1 step forward 2 steps back;

Today's close 8,577.91 DOWN 733.08 (-7.87%)

Grande

10-16-2008, 11:02 AM

At 11:00AM ET: 8,299.38 DOWN 278.53
(-3.25%)

Grande

03-02-2009, 05:03 PM

Dow Jones Industrial Average:

Last:
6,763.29

Change:
-299.64

Open:
7,056.48

High:
7,058.95

Low:
6,755.17

Volume:
568,668,618

Percent Change:
-4.24%

52 Week Range:
6,952.06 to 13,191.49

Grande

03-02-2009, 05:06 PM

US Stocks Slide; DJIA Ends Below 7000; 1st Time Since 1997
By Rob Curran
Last update: 4:30 p.m. EST March 2, 2009

NEW YORK (MarketWatch) -- U.S. stocks plunged and the major indexes closed at their lowest levels in more than a decade as more anemic manufacturing data hurt Alcoa and more government intervention in the financial sector was interpreted as an ominous sign for shareholders of Citigroup.

General Electric, both a major lender and a major manufacturer, continued its decline as the stock, once a perennial pick for safe portfolios, sold off to levels associated with distressed "fallen angels."

The Dow Jones Industrial Average closed down 299.64 points, or 4.24%, to 6763.29, its lowest close since April 25, 1997, and the first close below 7000 since May 1, 1997. The broad Standard & Poor's 500 index fell 34.27 points, or 4.66%, to 700.82, its lowest finish since Oct. 25, 1996.

The biggest percentage decliner on the Dow was Citi, which fell 30 cents, or 20%, to 1.20, as investors feared the latest dilutive government rescue would not be the last. Bank of America, another bank undergoing a "stress test" to determine its capital position, fell 32 cents, or 8.1%, to 3.63.
GE fell 91 cents, or 11%, to 7.60, a roughly 15-year low. On Friday, the conglomerate said it was going to cut its quarterly dividend for the first time in 71 years, to 10 cents from 31 cents.

Despite that cash saving, traders worried that its finance unit would see its critical AAA credit rating cut. In a sign of elevated fears, the cost of insuring GE Capital's debt against default spiked.

Manufacturing data indicated that a freeze in industrial activity continued into February, while further government intervention in American International Group raised fears of an incremental nationalization of the U.S. financial sector.

"We're in a bottoming process and it's going to take a while," said Anthony Conroy, head equity trader at BNY ConvergEx.

"Two things need to happen for the market to bottom: financials need to be healthy and the housing market needs to stabilize," Conroy said.

Conroy said "healthy banks" were a prerequisite for a healthy financial system and a healthy economy.

Conroy expects a "soft nationalization," where the government avoids complete ownership of all major banks, yet helps wind down some of the weaker ones.

-Contact: 201-938-5400

http://www.marketwatch.com/news/story/US-Stocks-Slide-DJIA-Ends/story.aspx?guid=%7B9909B9A9-8C46-481C-B4B3-8DA58F7D8F02%7D

Grande

03-02-2009, 05:16 PM

Just heard a damn broker state he is 80% certain the dow is going to dip to 4,000.

Trailblazer

03-02-2009, 05:58 PM

Just heard a damn broker state he is 80% certain the dow is going to dip to 4,000.

Talked to my investment broker this afternoon...He said that the market is probably going to drop to around 6500 and stay there for a couple months, before stablizing...since all the unemployment records aren't out yet...

Grande

03-03-2009, 01:42 PM

<Snipped>

"AIG posted the largest corporate loss ever last quarter. Its financial bleeding equates to $465,000 a minute, according to data provider Thomson Reuters, and no one expects the red ink to suddenly run black."

http://www.chicagotribune.com/business/chi-tue-burns-markets-mar03,0,7613970.story

That's 67 Billion last quarter alone (92 days). That's also more than the company's entire revenue for the fiscal years 2001-2007!

Grande

03-05-2009, 04:49 PM

Dow Jones Industrial Average
6,594.44
-281.40 (-4.09%)