Dow Plunges 500 Then Gains Some Back
NEW YORK (AP) - The Dow Jones industrial average fell more than 500 points today before gaining some of it back. The Dow dropped 546.02, or 4.3 percent, to 12,086.06 before recovering some ground. It was down 360.42, or 2.85 percent, at 12,271.84 with about a half hour of trading left.
The broader Standard & Poor’s 500 index was down 42.11, or 2.91 percent, at 1,407.26, and the Nasdaq composite index was off 81.34, or 3.25 percent, at 2,423.18, after being down more than 100.
The U.S. joined a global market plunge sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated.
A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai’s benchmark index to a record high close, set the tone for U.S. trading. The Dow began the day falling sharply, and the decline accelerated throughout the course of the session before stocks took a precipitous plunge in late afternoon as computer-driven sell programs kicked in.
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Dow Plunges 500 Then Gains Some Back
It’s an adjustment, that’s ALL it is, and it had to happen…
I, and many others have been saying for quite some time, the economy is good but the current level couldn’t be sustained, and today brought that thought to fruition, and some of it is based on the markets in China, I have no doubt of that, and I wouldn’t be at all surprised that when the whole thing hashes out there will be some that reacted to the Taliban’s claim that the attack in Afghanistan was a deliberate attempt to assassinate VP Cheney…
There are many contributing factors to todays correction, not the least of which was former Federal Reserve Chairman Greenspan making his statements yesterday, Greenspan warns of recession risk
What it all boils down to is this, it’s an adjustment, it wasn’t all George Bush’s fault and it’s all going to be OK, for now, we’ll all have a good dinner and tomorrow the market will be the market, I remember when Wall Street broke the 10K ceiling a while back, no one believed it was possible, and no one believed it was sustainable, the market lost 400 points today, and STILL closed at 12,216.72 and that is a good number…
Be cool, don’t be like the libbers and go into full panic mode, this will work out, it’s business, and businessmen are not going to cut their own throats and once the dust settles, stocks will still make lots and lots of money, for now…
The recession will be later in the year…