Posted on 02/29/2008 9:02:44 AM PST by khnyny
Selling has accelerated this morning as stocks have hit session lows on the latest ugly economic data and a huge loss from insurance giant AIG. Today's sell-off has put the Dow and S&P on pace for their fourth consecutive monthly losses -- something that hasn't happened since 2002.
Today's Market
As of 11:17 a.m. EST, the Dow Jones Industrial Average fell 204.83 points, or 1.63% to 12376.95, the Standard & Poor’s 500 index lost 23.48 points, or 1.72% to 1344.18 and the Nasdaq Composite Index dropped 40.51 points, or 1.74%, to 2291.22. The consumer-friendly Fox 50 fell 14.74 points, or 1.54%, to 945.27.
All 30 stocks on the Dow are now trading in the red. The financial sector continues to slump, with JPMorgan Chase (JPM: 41.65, -0.79, -1.86%), American Express (AXP: 43.49, -0.93, -2.09%) and Citigroup (C: 24.52, -0.49, -1.95%) tumbling.
What a difference a few days makes. The market shrugged off bearish economic data during a four-day rally leading into yesterday's trading, picking up 409 points on the Dow.
However, if Wall Street closes near these levels today, the market will have erased nearly all of that rally over the past two trading days alone.
(Excerpt) Read more at foxbusiness.com ...
The Dow dropped 200 in the first hour of trading. It’s worth comment.
Geez...we’d better lower interest rates...or something.
Every time the stock indices lose even a point, the journalists call it a "plunge." So, basically, we've got plenty of stupid journalists.
If Obama’s elected, the “plunge” will transform into a “blip” ...
Apparently the FR mods don’t think a story on the stock market belongs in front page news. LOL. Whatever, they probably don’t even own any stocks.:)
DJIA still 400 and some above its low a month or so ago. Right in the power zone.
Who says they have to own stocks? Maybe they own the stock markets!
How can we blame this on George Bush?
Easy....”it’s Bushes fault”!
down 270 at 14:00 ...
Closing down -300+
2 weeks of reversals on volume.... with the fed having the spigot WIDE OPEN
Liquidity makers unable to sell even their own products ...
http://www.marketwatch.com/news/story/jp-morgan-puts-49-bln/story.aspx?guid=%7BC555B694%2D76B8%2D4527%2DA2AC%2D4B929A2E8BEE%7D&dist=hplatest
J.P. Morgan puts $4.9 bln LBO loans onto its balance sheet
Draw your own conclusions... someone on this thread said we’re in the “Power Zone” ... we’re way behind the power curve and just a few knots above a stall condition.
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