Posted on 10/30/2009 1:39:05 PM PDT by Bobkk47
NEW YORK (CNNMoney.com) -- Stocks tumbled Friday, more than erasing the previous session's gains, as investors dumped a variety of shares at the end of a rough week and choppy month on Wall Street.
The Dow Jones industrial average (INDU) lost nearly 250 points, or 2.5%, according to early tallies. The Dow lost as much as 278 points earlier. It was the Dow's biggest one-day selloff on a point basis since April 20.
The S&P 500 (SPX) index fell 30 points, or 2.8% and the Nasdaq composite (COMP) shed 52 points, or 2.5%.
The selloff was broad based, with all 30 Dow components declining and most stock sectors sliding. Energy prices and stocks were hit hard as the dollar turned mixed and the financial sector erased most of the 4% gain it accrued Thursday.
"We might finally be seeing the 5 percent to 15 percent correction that many people have been calling for since the summer," said Ron Kiddoo, chief investment officer at Cozad Asset Management.
"I think the run has just gotten tired," he said. "A lot of people who wanted to get in over the last two months have done that, so maybe we need to sell off more to get more people back in."
Since bottoming at a 12-year low on March 9, the S&P 500 has rallied 57.6% as of Thursday's close. But the gains had been more robust until about a week ago, when enthusiasm about the better-than-expected quarterly results gave way to worries about the pace of the recovery.
Since peaking on Oct. 19, the S&P 500 has lost 5% as of Friday afternoon.
(Excerpt) Read more at money.cnn.com ...
Now they know the GDP numbers were fake.
Obama Administration: We created 640,000 jobs.
Bwhahah hahahahahah hahahahahahahaha hahahahahaha!
We know everything that zero and his minions are reporting is a total fabrication by these numbers ... so we know that Pefloosie’s numbers are nothing more than a pipedream x 10
in the day when there was such a thing as “moral hazard,” a Friday selloff was not a happy circumstance.
The DOW will go all the way back up to 10,000 before the month is out. Hide and watch, wait and see. The Obama administration will NOT allow the markets to collapse even if they have to buy securities with YOUR money. I promise.
What’s the media going to do now? They just got through telling us that Messiah had just saved the economy. Big joke.
Everything is fake...someone needs to reboot the matrix!!
That damm John Gault.
Osama cant get a break.
Why does anyone believe anything they say? Literally everything this White House says is a exaggeration, fabrication, or outright lie.
This bozo a$$hole was elected for hope and change, How is that treating you now!
Not even 25,000 probably and all of them temporary, subsidized with borrowed dollars.
The Dow goes up and down every day, and these ‘reports’ (if you can call them that) change everyday as well. And let’s not even get into the price of oil on a day-to-day basis. Does ANYONE even believe this crap anymore?
Where are the (non-minimum wage) jobs?
I always laugh when they report why the stock market went up or down on any particular day. Its hilarious because 99% of the time they have no clue, just when something major occurs will they come close.
Slide slide, slippity slide
Forget about your troubles and the 9 to 5.
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