The Stock market 10/6/08

[DavidS]

I will come back throughout the day and update this.

8:50 a.m.: Dow Futures down 197 points.

9:35 a.m. Dow down 237.27.

10:25 a.m. The Dow has fallen below 10,000 for the first time since 2004. When Bush took office in 2001, the DOW was around 10,500. The last time we had a president where the DJIA closed BELOW what it was when that president took office was Hebert Hoover. Every time since then, up to to Bush, the stock market has always closed, on the last day of the presidency higher than it was when that president took office. This is absolutely unprecedented. The DOW is down 365 points.

12:36 p.m. The Dow is down 487.76.

2:36 p.m. The Dow is down 710.69. We could be looking at the first quadruple digit loss today. I say Dow down 1000.

4:50 p.m. All in all, 369.88. HUGE upswing at the end.

 

[NOBama]

Looking grim, but at least coming off (pre-market) lows: DJIA -170ish right now.

Given that the Short-Sale ban ends Wed night, Thursday’s open is going to be much worse.

 

[editec]

The sheep are looking up and they're not liking what they're seeing, methinks.

Unemployment is up, personal and business bankruptsies are up, the cost of living threatens to throw a lot more people into the streets, and the homeless make lousy consumers.

Eventually even people as stupid as stock purchasers have to admit that the jig's up.

Put American back to work, and this problem will begin the long slow process of correcting itself.

Keep telling ourseves that putting millions of Americans out of work is GOOD for the economy and this problem will continue to get worse.

Simply as that, folks.

We have been telling ourselves a big fat (classist) lie about the economy, and that the truth is now kicking our idiotic asses.

I know plenty of talented people who cannot find a job.

Where did their their jobs?

In India and China and Romania.

What field were they in?

IT mostly.

The unskilled factory workers that some of you think are the ONLY victims of FREE TRADE lost their jobs decades ago.

It's the gray collar jobs that we're losing now, folks.

 

[slackjawed]

The DJ is down over 400 now, after the bailout. Anybody paying attention has had two weeks to guard their funds.
Isn't this the correction we have needed? When it's done maybe we will know the true value of things instead of the trumped up value.
Won't the people who caused this lose the most?
I for one am all for seeing greedy people lose their shirts.
Maybe we will see people wearing barrels when they lose their clothes-wouldn't that be fun........

 

[slackjawed]

my bad- posted too soon- down more than 500 and headed south

 

[xsited1]

I am so glad people like McCain, Obama, Pelosi and Reid voted for the bail-out package. Aren't you?

 

[Navy1960]

This world sell-off is now hitting the Dow and proves the total uselessness of throwing 700 billion dollars at this was a complete waste of time.

 

[random3434]

I'm at home today, the noon new says the DOW is down 421 Points.

 

[Toro]

The Dow has fallen 1000 points over the past four hours of trading, including the last two hours of Friday.

That's a crash.

 

[Navy1960]

The Dow has fallen 1000 points over the past four hours of trading, including the last two hours of Friday.

That's a crash.

Correct me if I am wrong here, but I am under the impression there are now in place rules that if the Dow loses more than 10% of it's value in a day trading will be suspended. I think though this basically puts a big * on the 700 billion dollar "bailout". It does seem to support the claims of those that did not support it.

 

[NOBama]

Dow -673 and falling.

 

[NOBama]

We might see a new all time low today. DJI was -800 a few minutes ago...

 

[Bern80]

We might see a new all time low today. DJI was -800 a few minutes ago...

Can't tell how long ago this was really posted but currently with 10 minutes left to the closing bell, down 350. All in all I'll take that.

 

[Care4all]

Can't tell how long ago this was really posted but currently with 10 minutes left to the closing bell, down 350. All in all I'll take that.

due to the rumor of a fed cut, and a world wide, Central bank interest rate cut....

geez, what a roller coaster....

 

[NOBama]

Can't tell how long ago this was really posted but currently with 10 minutes left to the closing bell, down 350. All in all I'll take that.

I'll take it too. Looks like we settle at -370ish on the day.