Skip to comments.Nightmare on Wall Street: Dow Plunges 513
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.
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 ...
Turns out, the markets weren’t worried about the end of borrowing. They were worried about the endless borrowing.
The Dows 50 worst days
The list, ping
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Happy Birthday, Obama.
Thanks for this gift you have given America.
The numbers being reported are all over the board.
I don’t trust a single one of them sunnsabitches.
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.
Note to self:
Don’t own stocks when President is a communist.
Are you sure they aren’t just depressed that Obama turned fifty?
There goes the old 401(k). 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.
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.
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.
“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?????
This market was way overvalued and this correction had to come.
Do people think the market is only suppose to go up?