Skip to comments.Dow plunges 733 as new data points to recession
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 ...
Points? Hell it’s lit up in neon!.................
panic,fear, now comes the talon's of a tyrant hawk.
Silver lining maybe:
Big debate audience ensured so that if McCain wins debate then lots of people will see it.
So much for Monday’s gains.
AP already has the stories written and ready to post about how poorly McCain did.
Wait, I thought if they passed that bill all would be fine!
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
How will today’s performance influence investors for Wed & Thu?
How big an October surprise would we need to cut through the recession noise?
the only thing that protects us is that there is no money left to pay for ANYTHING!
The Community Organizer wont be able to provide more giveaways because there simply isnt any money to pay for it.
in your eyes maybe, in mine, weapons will be the only thing to protect us.
We paid for WWII and the Marshall Plan coming off of the Great Depression.
Profit taking today, poossible run up to the end of the week.
This volatile market is a trader’s dream come true.
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.
Are any of you Freepers with money still in the market considering going cash based on today?
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.
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.
I’m not sure. I think it’s going to be up and down for awhile.
“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.
Quick! Give someone another trillion dollars. Fire up the printer.
I'm simply amazed at how many people STILL don't even understand what this problem is all about.
Thank you. BTW: Go wings!!! (Flyers look good for this year, too)
I hadn’t expected this large a drop until Friday the 31st.
Guess we will be getting one then as well.
I have railing for two decades over the massive consolidation of banking in the US. This is the result.
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.
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.
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.
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.
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.
The results of the media pushing Obama in the polls.
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.
Nope...it's heading down - no matter who wins the debate tonight.
“..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”
Watch and see my FRiend...watch and see..
I’ve been trading lately on positive moves, selling, and waiting for the predictable downturn, then buying again. This is almost too easy.
Tin foil brain.
You still staying with your '500 point runup' prediction?
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.
Don't get caught long when they nationalize the U.S. banking system. It's coming...
Burn, baby, burn...
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.”