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Nightmare on Wall Street: Dow Plunges 513
Fox Business ^ | 8/4/11 | Adam Samson

Posted on 08/04/2011 1:38:29 PM PDT by Nachum

The blue chips nose-dived 513 points into correction territory, while the broad S&P 500 shed 4.8%, after anxiety over the economy sent traders racing out stocks and commodities.

Today's Markets

According to preliminary calculations, the Dow Jones Industrial Average fell 513 points, or 4.3%, to 11,384, the S&P 500 tumbled 60.2 points, or 4.8%, to 1,200 and the Nasdaq Composite slid 137 points, or 5.1%, to 2,556. The FOX 50 tumbled 37.5 points, or 4.2%, to 864. Related Video

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Tension on Wall Street was extremely high on Thursday. Traders piled up into Treasury bonds, seen as one of the safest non-cash assets during tumultuous times. Indeed, Treasury yields on 10-year Treasury securities dipped well below 2.5% -- the lowest since November.

"The mood is pervasively negative," said Peter Kenny, managing director at Knight Capital Group. "It would take quite the imagination to come up with a silver bullet" to re-instill confidence in the economy.

(Excerpt) Read more at foxbusiness.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: nightmare; streetdow; wall
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Today's drop of 513 points would rank it as the 9th worst day in 20 years.
1 posted on 08/04/2011 1:38:37 PM PDT by Nachum
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To: Nachum

Turns out, the markets weren’t worried about the end of borrowing. They were worried about the endless borrowing.


2 posted on 08/04/2011 1:40:02 PM PDT by ziravan (Are you better off now than you were 9.4 Trillion Dollars ago?)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The Dow’s 50 worst days

http://blogs.marketwatch.com/thetell/2011/08/04/the-dows-50-worst-days/

The list, ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


3 posted on 08/04/2011 1:40:07 PM PDT by Nachum (The complete Obama list at www.nachumlist.com)
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To: Nachum

Happy Birthday, Obama.

Thanks for this gift you have given America.


4 posted on 08/04/2011 1:41:45 PM PDT by Palladin (Sarah Palin in 2012!)
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To: Nachum

The numbers being reported are all over the board.

I don’t trust a single one of them sunnsabitches.


5 posted on 08/04/2011 1:43:18 PM PDT by djf (One of the few FReepers who NEVER clicked the "dead weasel" thread!! But may not last much longer...)
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To: Nachum

In the last 3 trading days almost 50% of the stock gains of the past year were erased.

It’s going to be REALLY interesting what happens, tomorrow.


6 posted on 08/04/2011 1:43:18 PM PDT by gaijin
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To: Nachum
A lot of fortunes wiped out today. Happy Birthday Obama.
7 posted on 08/04/2011 1:44:14 PM PDT by NavyCanDo
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To: Nachum

Note to self:
Don’t own stocks when President is a communist.


8 posted on 08/04/2011 1:45:17 PM PDT by Mr. Peabody
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To: ziravan

Are you sure they aren’t just depressed that Obama turned fifty?


9 posted on 08/04/2011 1:45:22 PM PDT by brytlea (Someone the other day said I'm not a nice person. How did they know?)
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To: Nachum

10 posted on 08/04/2011 1:45:36 PM PDT by DeoVindiceSicSemperTyrannis (Want to make $$$? It's easy! Use FR as a platform to pimp your blog for hits!!!)
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To: Nachum

There goes the old 401(k). Looks like I’m going to have to work until I keel over at my desk.


11 posted on 08/04/2011 1:46:07 PM PDT by pgkdan (Time for a Cain Mutiny!)
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To: Nachum

12 posted on 08/04/2011 1:47:16 PM PDT by DeoVindiceSicSemperTyrannis (Want to make $$$? It's easy! Use FR as a platform to pimp your blog for hits!!!)
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To: pgkdan
Looks like I’m going to have to work until I keel over at my desk.

I would be happy to have that kind of job security.

:-)

13 posted on 08/04/2011 1:48:03 PM PDT by SIDENET ("If that's your best, your best won't do." -Dee Snider)
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To: Mr. Peabody

LOL
Very good.


14 posted on 08/04/2011 1:50:18 PM PDT by kinsman redeemer (The real enemy seeks to devour what is good.)
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To: Nachum
First of all, that is only the DOW 30 Industrials for the 513 point drop. Second, what matters is the percentage drop, not the point drop.

All of this is political maneuvering for power grabs and is designed to scare the "little people" into panicking and demanding dramatic, often unwise action. It will probably succeed.

This market is NOT being moved by small investors AT ALL. Almost all of them are on the sidelines. The market now ONLY moves through trades by VERY large players who have an agenda. They are not afraid of what government or anyone else is doing. They merely move the market to get someone's attention (i.e. Either do as we say or we'll create riots for you to deal with). It's really pretty simple.

15 posted on 08/04/2011 1:51:34 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Nachum

16 posted on 08/04/2011 1:51:52 PM PDT by South40 (Liberalism is a disease)
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To: gaijin
It’s going to be REALLY interesting what happens, tomorrow.

It's pretty obvious the markets don't like the debt-ceiling result. I think Geithner indicating he's staying is another negative. Perhaps the rumor that Obama and Bernanke think they're "out of bullets" is also a bit disconcerting.

I'm not betting the farm, but I'm a buyer right now, I think the market will rise in the near term.

The private sector is very, very resilient, and though this guy has pummelled us at every turn, we've hitched up our belts and gone to work for the most part. Corporate profits are up, and some will wake up tomorrow and realize that crude just went down five percent today too.

17 posted on 08/04/2011 1:52:55 PM PDT by wayoverontheright
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To: Nachum

“Light, sweet crude plunged $5.30, or 5.8%, to $86.63 a barrel. Wholesale RBOB gasoline slumped 19 cents, or 6.6%, to $2.74 a gallon. “

Every cloud has a silver lining, I suppose.

Obama - the Economy Killer.

Those figures are no pomegranates, right Harry Reid?????


18 posted on 08/04/2011 1:53:06 PM PDT by ZULU (McConnell and Boehner are the Judas and Ephialtes of the 21st Century)
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To: Nachum
They will start whispering about another Fed bailout-that will spark the market up.

This market was way overvalued and this correction had to come.

Do people think the market is only suppose to go up?

19 posted on 08/04/2011 1:53:49 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: MeneMeneTekelUpharsin

Very true!


20 posted on 08/04/2011 1:55:07 PM PDT by fortheDeclaration (When the wicked beareth rule, the people mourn (Pr.29:2))
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To: Nachum
Collapse: “It Will Be Sudden and Very Painful”
21 posted on 08/04/2011 1:55:25 PM PDT by blam
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To: SIDENET

LOL!!!!!!!!!!

Me too...


22 posted on 08/04/2011 1:56:41 PM PDT by GOPRaleigh (I cannot afford any more hope and change)
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To: Palladin

23 posted on 08/04/2011 1:57:10 PM PDT by DTA (U.S. Centcom vs. U.S. AFRICOM)
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To: Nachum

Happy Birthday, Dictator Obama.


24 posted on 08/04/2011 1:58:00 PM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
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To: Palladin

the plunge protection team must have had an obama birthday party hangover.


25 posted on 08/04/2011 1:58:13 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: fortheDeclaration
This market was way overvalued and this correction had to come.

Do people think the market is only suppose to go up?

The value of the market includes inflation. The inflationary effects of QEn get included.

26 posted on 08/04/2011 2:00:39 PM PDT by DrDavid (George Orwell was an optimist.)
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To: Nachum

VIX is up over 30%...

IMPORTANT NOTE: Investors are fleeing to CASH or Gold, not bonds or treasuries. There are no safe havens left.

Friday’s Unemployment Report is going to be a real killer, and a lot of people know it. Mid-Level retail stocks got killed today.


27 posted on 08/04/2011 2:01:47 PM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: gaijin

“It’s going to be REALLY interesting what happens, tomorrow.”

The poor are going to sell off to protect what little money they have left.

The well connected are going to wait until the carnage is over and buy up everything at discounts.

The middle class will pay for it with some coaccamammie bill to protect them from predators.


28 posted on 08/04/2011 2:04:41 PM PDT by EQAndyBuzz (Sarah Palin 2012 - Nothing but Net)
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To: Nachum

Cash me out. See ya!


29 posted on 08/04/2011 2:06:17 PM PDT by Huskrrrr
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To: Nachum
I hope it keeps going down. Yes I am taking a hit right now but I want to buy more shares and this is an excellent way to do so. I have always purchased when the stock market is down. Some people are so crazy and buy when the stock market is doing well. Never made a bit of sense to me. I pray that is plummets more and more and most people should hope the same thing. It is a buyers market just like housing is. I have been making money like crazy during this time. People never take advantage of down times. They always buy when things are good......I must not understand people's thinking. I think people just get scared. I heard a few people say they were going to sell soon. I said are you freaking insane.....BUY. What am I missing? Certainly nothing in my bank account that is for sure.
30 posted on 08/04/2011 2:07:04 PM PDT by napscoordinator (HI]]\]\)
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To: Nachum
"The mood is pervasively negative," said Peter Kenny, managing director at Knight Capital Group. "It would take quite the imagination to come up with a silver bullet" to re-instill confidence in the economy.

Want a silver bullet? REPEAL OBAMACARE!

31 posted on 08/04/2011 2:08:47 PM PDT by SunTzuWu
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To: Huskrrrr

You forgot the sarc tag. FREEPERS are not that stupid.


32 posted on 08/04/2011 2:08:47 PM PDT by napscoordinator (HI]]\]\)
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To: Nachum

33 posted on 08/04/2011 2:08:56 PM PDT by haywoodwebb (The "Manchurian Candidate" Will Fall!! - - You Betcha!)
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To: wayoverontheright
Cause and effect are funny things. Oil has been dropping because of drop in demand worldwide. The world economy is slowing. And there is nothing on the horizon to suggest a turnaround.

Sure, prices are cheap tonight compared to whatever marker you pick, but that doesn't mean that after a dead cat bounce maybe, they will go anywhere upward.

The private sector in Japan was resilient too, until it went flat for about ten years.

34 posted on 08/04/2011 2:09:31 PM PDT by hinckley buzzard
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To: Nachum
Did someone say nightmare on my street?
35 posted on 08/04/2011 2:09:48 PM PDT by Trueblackman (Posting on FR since 1998 and 100% teleprompter free post as well.)
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To: gaijin
It’s going to be REALLY interesting what happens, tomorrow.

I agree. Isn't there a labor report coming out tomorrow? (not that it will really matter since I personally believe those numbers are WAY too massaged.)

36 posted on 08/04/2011 2:10:32 PM PDT by Michael Barnes
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To: napscoordinator

And why would cashing out be stupid, there are a lot of things to invest in, probably a lot of traders will be pawning their stuff tomorrow. LOL


37 posted on 08/04/2011 2:14:01 PM PDT by org.whodat (What does the Republican party stand for////??? absolutely nothing.)
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To: fortheDeclaration
Very true!

True this: "Large investors have moved so much money into cash accounts at Bank of New York that on Thursday the bank said it would begin charging some clients a 0.13 percent fee to hold their cash.

"In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment," the bank said in a statement to The Associated Press."

From this source: Click here.

38 posted on 08/04/2011 2:14:28 PM PDT by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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39 posted on 08/04/2011 2:15:28 PM PDT by markomalley (Nothing emboldens the wicked so greatly as the lack of courage on the part of the good-Pope Leo XIII)
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To: org.whodat

Well the penny stock people obviously cash out daily or so but long term people should not cash out unless they are still ahead. If they are losing money then it is a pretty dumb thing to do.


40 posted on 08/04/2011 2:16:02 PM PDT by napscoordinator (HI]]\]\)
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To: Nachum

The Govt is selling short to drive buyers to Treasuries and get more money to help the deficit?

Foreign investors pulling the plug because of the dumb debt deal?

How’s all that hopey changy working out for you libs? I think a lot of freepers saw this coming.


41 posted on 08/04/2011 2:22:21 PM PDT by Bookwoman ("...and I am unanimous in this...")
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To: MeneMeneTekelUpharsin

Uh, actually the S&P 500 and NASDAQ drops were greater than the DOW’s drop.


42 posted on 08/04/2011 2:26:16 PM PDT by rbg81
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To: napscoordinator

Buy low and sell high? That sounds so crazy it just might work!

You are correct though. All too many individual investors do the exact opposite.


43 posted on 08/04/2011 2:26:56 PM PDT by FerociousRabbit
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To: Mr. Peabody; All

“Note to self: Don’t own stocks when President is a communist.”

NO,NO, NO!

This is NOT the currently acceptable, Party/MSNBC-Approved Current truth!

TODAY’S current truth, parotted by Daily KOS all day today, has been this is THE TEA PARTY’S FAULT, for asking for financial Responsibilities!

There is no sarc tag because this isn’t Sarcasm, it’s TRUE....

And I’d be willing to bet worthless American Greenback that this line is repeated tonite on the MSNBC Hate Shows.


44 posted on 08/04/2011 2:29:14 PM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: Nachum
Wait until tomorrow morning!


45 posted on 08/04/2011 2:30:22 PM PDT by Iron Munro (The more effeminate & debauched the people, the more they are fitted for a tyrannical government.)
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To: napscoordinator

You’re absolutely right. My IRA was never doing that hot for many years, and then in March 2009, at it’s absolute bottom, I made my yearly investment, plus reallocated some of my existing investments. I got a lot of shares for the money invested, a heck of a lot more than if I had invested at the high points of the market. After it went back up, I’ve been way ahead ever since.


46 posted on 08/04/2011 2:31:44 PM PDT by lado
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Boop the Kittehs!

Did You Donate To Free Republic?
Ha Ha Ha! Of Course!


Become a New Monthly Donor and End FReepathons Forever

47 posted on 08/04/2011 2:33:26 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: Nachum
Not to worry...there are people, even here, who think this is the time to get in the market while prices are low....ordinarily, I'd agree because that tactic is based on the historical performance that the stocks will eventually come back and (step 2 -----profit!).

Only that is the problem - assuming a rebound. That will only happen if Obama is banished and we get some real-balled Republicans to control all three branches come 2012.

I really don't think that is going to happen.

48 posted on 08/04/2011 2:35:12 PM PDT by Gaffer
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To: rbg81

That’s right and the NASDAQ leads the DOW.
Probably be more excitement tomorrow.


49 posted on 08/04/2011 2:36:57 PM PDT by Mr. Peabody
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To: ziravan

Thats a great tag line. You should get quote of the day.


50 posted on 08/04/2011 2:43:58 PM PDT by Sawdring
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