Skip to comments.Wall Street Slammed by Specter of Emerging-Market Contagion
Posted on 01/24/2014 5:17:13 PM PST by RoosterRedux
U.S. equity markets took a beating Friday as traders ditched stocks amid anxiety over a burgeoning crisis in emerging-market currencies.
The Dow Jones Industrial Average sold off 318 points, or 2%, to 15879, the S&P 500 plummeted 38.2 points, or 2.1%, to 1791 and the Nasdaq Composite plunged 90.7 points, or 2.2%, to 4128.
For the week, the Dow fell 3.5%, the S&P 500 dropped 2.6% and the Nasdaq slumped 1.7%.
The Dow posted its worst week on a percent basis since November 2011, while the S&P 500 logged its worst week since June 2012. Traders have been moving from assets that are seen as risky, to safe havens like U.S Treasury bonds. Meanwhile, the CBOE's VIX surged close to 30%. Wall Street's fear gauge was up 48% for the week -- the biggest jump since May 2010.
(Excerpt) Read more at foxbusiness.com ...
Not time for Armageddon yet, methinks.
China and India have discovered that the free market system works and works well. Will there be bumps along the road? Of course!
But what does it mean to the world economy that China and India discover and implement the free markets system?
It means an explosion in the world economy. Billions of new people will become not just alive, but prosperous and productive. They will become healthier and set their goals higher...and their children will become educated and hopefully wiser.
I am thinking that way also. But I have been wrong many times before.;-)
Translation= Oh S#it.. :)
Sounds like crap. Probably the drop because the years long “cooking the books” and fake sales, etc. has finally caught up with them.
Faux News Business channel needs to break down and farm out their business coverage to a serious outfit like Barrons or IBD. Some of the FNB babes are OK, Lori Rothman for example - but the Pop’N Fresh Doughboy is an embarrassment, constantly afflicted with a slow moving case of Tourrette’s syndrome - dragging the discussion off point and into the ditch. The Dow is safe at least until October. A lot depends on whether or not enough Pubbies realize they must sh*tcan Boehner and McConnell in order to win big in November. If those two quislings stay in power all bets are off.
I hope everyone realizes that since the beginning of 2013 that the market has been up nearly 1/3. We haven’t even chopped off the froth, we’ve just scraped off the crust on top of the froth.
This is probably the healthiest thing I’ve seen this market do in a year.
If you haven't already, I suggest taking a defensive position come Monday morning.
Granted, I'm no expert. But, time and again "experts" have been proven to be not so expert. IMHO, this house of cards just got bumped.
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Unlike the housing bubble period, most the Fed’s funny money is not yet circulating around the world; it’s being hoarded at the big banks; so, unlike the boomlet of the early 2000s for “emerging markets” (when dollars were floating around the world like water vapor), the luster of “emerging markets” is showing it does not have legs of its own; maybe it never did.
Yeah, what do you want? You know? What was the crash in the ‘80s ? Like 700 down to 400 or something? Big SNL fodder. Then I remember my own slogan “10000 by 2000” and it hit the mark early, so I was thinking hey, 20000? But no! It bubbled along at 10000 for a loooong time, it seemed. Then when was the crash down below 7000? Just a few years ago, right? So chill!
Heh. Checking up, I see it was from 1000 to 700 in the 80’s, and it bottomed out from 14000 in Oct 2008 to 6500 in Aug 2009 ... more than half! Gee, what was that all about :-(
And back in the seventies, I wasn’t even paying attention when the Dow dropped from 1050 to 580 between 1974 and 1975.