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Dow plunges 733 as new data points to recession
AP ^ | 10/15/08 | Tim Paradis

Posted on 10/15/2008 1:52:49 PM PDT by prolifefirst

Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.

The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.

The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity.

(Excerpt) Read more at biz.yahoo.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: markets
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1 posted on 10/15/2008 1:52:49 PM PDT by prolifefirst
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To: prolifefirst

Points? Hell it’s lit up in neon!.................


2 posted on 10/15/2008 1:53:26 PM PDT by Red Badger (My wallet is made out of depleted you-owe-mium........)
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To: prolifefirst
this is exactly what pelosi and her gang were counting on,

panic,fear, now comes the talon's of a tyrant hawk.

3 posted on 10/15/2008 1:55:16 PM PDT by MetalHeadConservative35 (The 2008-2009 NHL Season is underway GO FLYERS!!!!)
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To: Red Badger

Silver lining maybe:

Big debate audience ensured so that if McCain wins debate then lots of people will see it.


4 posted on 10/15/2008 1:55:23 PM PDT by prolifefirst
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To: MetalHeadConservative35

So much for Monday’s gains.


5 posted on 10/15/2008 1:56:43 PM PDT by prolifefirst
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To: prolifefirst

AP already has the stories written and ready to post about how poorly McCain did.


6 posted on 10/15/2008 1:56:59 PM PDT by Sundog (Palin --- She who can shoot a moose can shoot a Russian bear.)
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To: prolifefirst

Wait, I thought if they passed that bill all would be fine!


7 posted on 10/15/2008 1:57:11 PM PDT by brytlea (Obama--Keep the change!)
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To: prolifefirst

NOW all Obama will need to do tonight in the debate is mutter ... uh uh uh ... failed Bush economic policies ... uh uh ah ah ah ... McCain voted with Bush ... uh uh uh


8 posted on 10/15/2008 1:59:08 PM PDT by Jackson57
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To: brytlea

How will today’s performance influence investors for Wed & Thu?


9 posted on 10/15/2008 2:00:10 PM PDT by prolifefirst
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To: Jackson57

How big an October surprise would we need to cut through the recession noise?


10 posted on 10/15/2008 2:02:26 PM PDT by prolifefirst
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To: MetalHeadConservative35

the only thing that protects us is that there is no money left to pay for ANYTHING!

The Community Organizer won’t be able to provide more giveaways because there simply isn’t any money to pay for it.


11 posted on 10/15/2008 2:03:34 PM PDT by griswold3
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To: griswold3
the only thing that protects us is that there is no money left to pay for ANYTHING!

in your eyes maybe, in mine, weapons will be the only thing to protect us.

12 posted on 10/15/2008 2:05:23 PM PDT by MetalHeadConservative35 (The 2008-2009 NHL Season is underway GO FLYERS!!!!)
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To: griswold3
The Community Organizer won’t be able to provide more giveaways because there simply isn’t any money to pay for it.

We paid for WWII and the Marshall Plan coming off of the Great Depression.

13 posted on 10/15/2008 2:05:32 PM PDT by prolifefirst
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To: prolifefirst

Profit taking today, poossible run up to the end of the week.
This volatile market is a trader’s dream come true.


14 posted on 10/15/2008 2:05:43 PM PDT by TexanToTheCore
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To: prolifefirst

Republicans, ALL elected Republicans, need to go on the offensive about who and what caused the current financial crisis. Only then will it cease to have the negative effect it’s having on McCain. They’ve gotten away with “failed Bush economic policies” for too long. It needs to be jammed back down their throats.


15 posted on 10/15/2008 2:06:37 PM PDT by Jackson57
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To: TexanToTheCore

Are any of you Freepers with money still in the market considering going cash based on today?


16 posted on 10/15/2008 2:07:00 PM PDT by prolifefirst
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To: Sundog

Your right. “Our Focus Group says Obama won”, “Our instant poll says Obama won”, “McCain did nothing to close the gap”, “Obama sounded hopeful and spoke to the needs of ordinary Americans.”, “Obama looked Presidential”, this is what I guarantee every network says. Book it.


17 posted on 10/15/2008 2:07:43 PM PDT by LeonardFMason
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To: prolifefirst

At the beginning of the 5 pm ABC radio news report, Charlie Gibson announced the stock market numbers, saying its the second worst point drop ever. No sign of recovery.

Stories reported on:
An attack from Acorn on the Right Wing - quotes from an Acorn lady saying the Right Wing is trying to disenfranchise minorities.

Then at the end of the report?
Gibson announced again the stock market numbers, saying its the second worst point drop ever. No sign of recovery.

A couple of reports later, the same thing... no sign of recovery, stock market drops... then again same story.


18 posted on 10/15/2008 2:08:42 PM PDT by o2bfree
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To: prolifefirst

I’m not sure. I think it’s going to be up and down for awhile.


19 posted on 10/15/2008 2:09:32 PM PDT by brytlea (Obama--Keep the change!)
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To: prolifefirst

“Are any of you Freepers with money still in the market considering going cash based on today?”

I am back to day trading and making a killing! I love volatile markets! The swings are fantastic! 10%-90% gains one week, sit on the cash until the next. Timing is everything, but with good timing and a little luck, there are a few bucks to be made here.


20 posted on 10/15/2008 2:11:03 PM PDT by CodeToad
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To: prolifefirst

Quick! Give someone another trillion dollars. Fire up the printer.


21 posted on 10/15/2008 2:12:04 PM PDT by pallis
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To: TexanToTheCore
Profit taking today, poossible run up to the end of the week.

No way.

I'm simply amazed at how many people STILL don't even understand what this problem is all about.

22 posted on 10/15/2008 2:13:24 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: MetalHeadConservative35
weapons will be the only thing to protect us

Thank you.  BTW: Go wings!!!  (Flyers look good for this year, too)

23 posted on 10/15/2008 2:16:35 PM PDT by softwarecreator
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To: prolifefirst
It should be obvious now that there is no bailout that will work to help the economy recover. Banks should be allowed to fail. If they have no life saver, they will work hard to survive. They threaten to fail to extort tax money. This is the method that liberals only know. Democrats have caused this problem with the market and the market should collapse or get their collective asses busy without Government help. It will be hard and many like us will lose much, but it has to happen. Prolonging will not solve anything.
24 posted on 10/15/2008 2:18:23 PM PDT by Logical me (Oh, well!!!)
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To: MetalHeadConservative35

I hadn’t expected this large a drop until Friday the 31st.
Guess we will be getting one then as well.


25 posted on 10/15/2008 2:19:22 PM PDT by a real Sheila (McCain is Obama, lite!)
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To: Red Badger
Photobucket
26 posted on 10/15/2008 2:22:00 PM PDT by Illuminatas (Being conservative means never having to say; "Don't you dare question my patriotism")
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To: politicket

I have railing for two decades over the massive consolidation of banking in the US. This is the result.


27 posted on 10/15/2008 2:22:34 PM PDT by TexanToTheCore
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To: prolifefirst

The underlying toxic sludge and overleveraged derivatives on top of it have not changed. Don’t allow the media machine that over emphasizes the stock market index to confuse the issue. This ponzi scheme is going down and going down hard. The American consumer knows that and is hunkering down to ride the storm out. The billionaire bailout is meant to save them so they can come back and pick through the bones of what survives.


28 posted on 10/15/2008 2:23:16 PM PDT by Gen-X-Dad
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To: griswold3

All he has to do is print more money.

Jackson57, the republicans don’t want to hurt the feelings
of their “friends” across the isle.


29 posted on 10/15/2008 2:28:09 PM PDT by Terry Mross (O)
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To: prolifefirst

It looks like Monday was a classic bear market rally.

Tomorrow could be even worse than today.

We might even see the DOW down 1000 tomorrow.

Watch these DOW monthly low levels for a possible bounce:

9/98 7401.07 This one could be hit this week.
10/02 7197.49

Tomorrow see if the 9/01 monthly low of 8062.34 is breached, because that level was already tested last Friday.

If it breaks that level tomorrow, then, the two previously mentioned numbers will more than likely come into play.

JMHO


30 posted on 10/15/2008 2:30:56 PM PDT by waus
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To: prolifefirst
Just wondering, ... Have the markets had big losses on every debate day? If they have, and given a majority of voters believe McCain is less equipped to deal with the economy, the market performance may have had a major impact on how voters perceive the debate winner and loser before the debates even began.
31 posted on 10/15/2008 2:34:02 PM PDT by backtothestreets (My bologna has a first name, it's J-O-R-G-E)
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To: CodeToad
Last Spring I stated that I would be putting the Dow if it crossed 11,000. It did and I did and I'm happy as a clam.
32 posted on 10/15/2008 2:34:22 PM PDT by hinckley buzzard
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To: TexanToTheCore
I have railing for two decades over the massive consolidation of banking in the US. This is the result.

It's about to consolidate a whole lot more.

We will be hearing a bunch of psycological babble over the coming days and then the government (through instruction from the Fed) will move in and take controlling interest in a few of the largest banks. We will then see a patterned reduction in smaller banks that are deemed to be 'under performing'.

I'm guessing that we'll see 600-700 banks closed (not branches - banks). This number could go over 1,000.

33 posted on 10/15/2008 2:35:03 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: prolifefirst
Dow plunges 733 as new data points to recession

The results of the media pushing Obama in the polls.

34 posted on 10/15/2008 2:35:05 PM PDT by Caipirabob (Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: waus

Puhleeze.... Read the playbook.

Tonight’s Obama debate win will just reinforce the public that Obama can be trusted with the economy better then McCain can. The polls will reflect that.

The market will then go up 500 tomorrow and 500 on Friday.


35 posted on 10/15/2008 2:35:08 PM PDT by EQAndyBuzz (McCain/Palin 2008)
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To: EQAndyBuzz
The market will then go up 500 tomorrow and 500 on Friday.

Nope...it's heading down - no matter who wins the debate tonight.

36 posted on 10/15/2008 2:36:32 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: TexanToTheCore
LOL! "Profit taking?" What profits? Try "loss limiting."
37 posted on 10/15/2008 2:36:40 PM PDT by hinckley buzzard
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To: politicket

Doubt it.


38 posted on 10/15/2008 2:37:00 PM PDT by TexanToTheCore
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To: waus
The DOW could have been much worse today. Bank stocks were kept afloat due to government plans to buy bank stocks. Most likely investors holding stocks in these banks saw an opportunity to sell their stocks to a government flush in cash and looking to buy. If not for this, the financials would have dragged the DOW further down. JMHO
39 posted on 10/15/2008 2:38:24 PM PDT by backtothestreets (My bologna has a first name, it's J-O-R-G-E)
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To: prolifefirst
dead cat bounce
40 posted on 10/15/2008 2:40:26 PM PDT by bailmeout ("During times of universal deceit, telling the truth becomes a revolutionary act" - G Orwell)
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To: MetalHeadConservative35

“..this is exactly what pelosi and her gang were counting on,..”

Not just counting on - this has been well planned for a long time to come to a head just now. How did they pull it off”


41 posted on 10/15/2008 2:44:50 PM PDT by elpadre (nation)
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To: TexanToTheCore
Doubt it.

Watch and see my FRiend...watch and see..

42 posted on 10/15/2008 2:45:27 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: hinckley buzzard

I’ve been trading lately on positive moves, selling, and waiting for the predictable downturn, then buying again. This is almost too easy.


43 posted on 10/15/2008 2:46:11 PM PDT by CodeToad
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To: elpadre

Tin foil brain.


44 posted on 10/15/2008 2:46:14 PM PDT by Osage Orange (" I did not have radical relations with that man, William Ayers. " -Barack Hussein Obama)
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To: TexanToTheCore
BTW...the early returns on the Dow futures for tomorrow morning are sitting at -113.00.

You still staying with your '500 point runup' prediction?

45 posted on 10/15/2008 2:47:45 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: TexanToTheCore
Profit taking today, poossible run up to the end of the week. This volatile market is a trader’s dream come true.

The pro readers I know, one with a 7 to 8 figure trading income last year, say this volatility since Wednesday has been a nightmare to make money in -- or let me rephrase that -- EASY to make money, EASIER to lose it. Some people have gone with straddles.

There should be upward pressure into options expiration, but that is just a factor; other forces may be stronger.

46 posted on 10/15/2008 2:48:41 PM PDT by steve86 (Acerbic by nature, not nurtureĀ™)
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To: CodeToad
This is almost too easy.

Don't get caught long when they nationalize the U.S. banking system. It's coming...

47 posted on 10/15/2008 2:48:57 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: prolifefirst

Burn, baby, burn...


48 posted on 10/15/2008 2:49:54 PM PDT by B-Chan (Catholic. Monarchist. Texan. Any questions?)
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To: prolifefirst
It's more than worry of a recession, we've been in one. It's the bailout bill and now the new strong-arm tactics of Paulson, the real possibility of a Obama Presidency and whatever else is out there.
49 posted on 10/15/2008 2:50:10 PM PDT by Captain Peter Blood
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To: politicket

I would never trade long in this market. The swings are enough to give me whiplash. A friend and I trade roller coaster barbs like, “Keep all hands and feet inside the car at all times.”


50 posted on 10/15/2008 2:50:33 PM PDT by CodeToad
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