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

PUT. the. crackpipe. DOWN.

51 posted on 10/15/2008 2:53:08 PM PDT by Centurion2000 (McCain/Palin 2008 : Palin the Paladin 2012)
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To: elpadre

So Pelosi is a idiot or genius


52 posted on 10/15/2008 3:11:37 PM PDT by MilspecRob (Most people don't act stupid, they really are.)
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To: Centurion2000
The Market will go where it wants. It could go up 2 thousand points by Friday. There is something called oversold, and this is one oversold market.

I have no idea where the market is going to go, but if I hear one more comment about how this election is dictating the market swings I am going to hurl.

When they "Free Up the Credit Markets" We can all use credit that we can't pay back, that will rescue us! Write some more sub-prime loans... Free it up !

We are so screwed.

53 posted on 10/15/2008 3:12:02 PM PDT by Afronaut (It's 1984)
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To: prolifefirst

how convenient this happened on the eve of the debate.


54 posted on 10/15/2008 4:05:46 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: hinckley buzzard

Hedge funds.


55 posted on 10/15/2008 4:07:35 PM PDT by longtermmemmory (VOTE! http://www.senate.gov and http://www.house.gov)
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To: MilspecRob

maybe Dean??


56 posted on 10/15/2008 4:16:51 PM PDT by elpadre (nation)
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To: Centurion2000

Watch and learn.


57 posted on 10/15/2008 5:29:03 PM PDT by EQAndyBuzz (McCain/Palin 2008)
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To: LeonardFMason

I allow myself the indulgence to vote in Drudge’s poll-— McCain 75%

The Other guy 24%.


58 posted on 10/15/2008 7:55:01 PM PDT by Sundog (Palin --- She who can shoot a moose can shoot a Russian bear.)
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To: prolifefirst

Is it my imagination, or does the economy tank in direct proportion to Obama’s upswings in the polls?


59 posted on 10/16/2008 8:09:49 AM PDT by MayflowerMadam (If it's not close, they can't cheat.)
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To: politicket

Well?


60 posted on 10/16/2008 1:24:45 PM PDT by TexanToTheCore
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To: TexanToTheCore
Well?

Sucker rally....but I'll give you one out of two even though it wasn't 500 points (it was close enough).

Tomorrow awaits...

61 posted on 10/16/2008 2:23:32 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: politicket

Watch...


62 posted on 10/16/2008 2:52:07 PM PDT by TexanToTheCore
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To: Terry Mross

Can’t find enough information about the Weimar Republic nowadays...


63 posted on 10/17/2008 6:20:31 AM PDT by griswold3
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To: TexanToTheCore
Watch...

I watched. You were only off by a measly 600+ points!

Don't quit your day job... ;-)

64 posted on 10/17/2008 1:03:13 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: politicket

If you look at a 5 day chart, you’ll see the pattern. The high occurred in the day, not at close. I am going to guess a sell off on Monday to take profits.


65 posted on 10/17/2008 1:16:10 PM PDT by TexanToTheCore
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To: prolifefirst

I guess they forgot to mention the two hurricanes that hit the Texas-Louisiana coast. We were shutdown for a good period of time.


66 posted on 10/17/2008 1:24:40 PM PDT by TexanToTheCore
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To: TexanToTheCore
If you look at a 5 day chart, you’ll see the pattern. The high occurred in the day, not at close. I am going to guess a sell off on Monday to take profits.

I agree that there could very well be a sell-off, but the only ones taking profits would be the day traders.

67 posted on 10/17/2008 2:01:40 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: politicket

The recent movements would have to be the institutional buyers coming in quickly and selling out quickly in order to take short term profits. The day traders are probably making money too, but they come and go.

The BS that you here about news affecting the markets is mostly horsepoop. All I see is short term profit taking behavior. It will probably continue for a while.


68 posted on 10/17/2008 2:22:08 PM PDT by TexanToTheCore
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To: Red Badger
Photobucket Did someone say plung.
69 posted on 10/17/2008 2:23:23 PM PDT by blf1776 (Compassionate Conservatism Is Dead - It is time to fight, fight, FIGHT!!!!)
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To: TexanToTheCore
The BS that you here about news affecting the markets is mostly horsepoop. All I see is short term profit taking behavior. It will probably continue for a while.

The credit squeeze is still very real. I spoke with some clients today that had their credit lines taken away from them - to the tune of 100 million.

The 3-month Overnight Index Swap is still sitting at 1.12 - meaning that banks are getting lots of cash from the Fed at the discount window, but they're not loaning anything amongst each other. The Fed will have to figure out how to get the banks to loan. If they don't, then we will see the Fed take controlling interest in some of the bigger banks in order to force the situation.

70 posted on 10/17/2008 3:32:42 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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To: politicket

Which bank are your clients with?


71 posted on 10/17/2008 3:43:07 PM PDT by TexanToTheCore
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To: TexanToTheCore
Which bank are your clients with?

I'm not sure. They do private funding of real-estate ventures and had a couple of $100 million lines of credit set up.

They got taken away because they weren't currently being tapped.

Auto dealers from around the nation are running into the exact same problem.

72 posted on 10/17/2008 3:47:51 PM PDT by politicket (Palin-tology: (n) - The science of kicking Barack Obambi's butt!)
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