Dow Plummets 500+ Points To 9,447.11
By Justin Gardner | Related entries in Economy, MoneyI don’t even want to look at my 401(k) anymore. Too painful.
Seriously, take a look at this graph too see a 1 month view of this downward spiral…
NEW YORK (AP) – The misery worsened on Wall Street Tuesday, with stocks piling on the losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and financial sector. The Dow lost more than 500 points and all the major indexes slid more than 5 percent.Steps by the Federal Reserve to reinvigorate the dormant credit markets ultimately weren’t enough to calm nervous investors. News about financial companies only added to their despondent mood.
“The calls I’m getting – every money manager I deal with, and every client I talk to – are just very emotional. This is a very, very emotional time, and most of them are taking steps to shore up their defenses, reducing exposure to stocks just to defend their portfolios,” said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.
Is there any end in sight?
This entry was posted on Tuesday, October 7th, 2008 and is filed under Economy, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
October 7th, 2008 at 4:10 pm
Say what you will, but the $700b “bailout” hasn’t calmed investors fears.
MAybe if we gave Wall Street another $700b?
October 7th, 2008 at 4:58 pm
Justin,
Apparently your not the only one.
Canada’s prime minister was quoted today as saying almost the same thing:
“The prime minister, however, said he hasn’t checked on his mutual fund portfolio since he was elected.
“I would dread to look at it right now,” Harper admitted.”
(Source: http://www.cbc.ca/news/canadavotes/story/2008/10/07/harper-mansbridge.html).