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New YORK (CNNMoney.com) -- Stocks plummeted Wednesday, with the Dow industrials down more than 350 points near the close, as the government's emergency rescue of AIG amplified fears about the stability of financial markets.
The Dow Jones industrial average (INDU) lost about 353 points, or 3.2% with about 20 minutes left in the session. The Standard & Poor's 500 (SPX) index lost 3.6% and the Nasdaq composite (COMP) lost 3.6%.
The selloff comes in the wake of the government's bailout of Fannie Mae and Freddie Mac, Lehman Brothers' bankruptcy, Merrill Lynch's sale to Bank of America and ongoing worries about Washington Mutual and other firms.
"There's a fear of a financial system meltdown going on, and it's grounded in the headlines we're seeing about the series of firms that are in trouble," said Paul Rabbit, president of Rabbit Capital Management.
Originally posted by MatrixBaller04
I'm predicting the crash of the stock market to be Thursday, September 18, 2008.
Originally posted by pluckynoonez
reply to post by MatrixBaller04
My roommate and I predicted the same day, which is tomorrow, right? I need to get ammo, food, and some other provisions. This is going to get crazy.
And I believe it is an 850-point drop since Monday, since it closed down 450 just now.
Originally posted by Night Watchman
Investors should really not be panicking. It would do us all good to recall the doom and gloom predictions following 9/11 attacks. By early the next year, the economy was bouncing back.
As I stated in another thread, the sky is not falling.