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
Economic Concerns Drive GM Shares Down
FOX Business Brief: GM and markets
Related Stories For Stocks, 'This is Where it Gets Interesting' Fierce Selling Sends Crude Oil Plunging $5
Related Video
Markets Uneasy in U.S. and Abroad
Erik Ristuben on market volatility
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 ...
LOL!!!!!!!!!!
Me too...
Happy Birthday, Dictator Obama.
the plunge protection team must have had an obama birthday party hangover.
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.
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.
“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.
Cash me out. See ya!
Want a silver bullet? REPEAL OBAMACARE!
You forgot the sarc tag. FREEPERS are not that stupid.
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.
Did someone say nightmare on my street?
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.)
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
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.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.