Stocks Wipe Out As Fears Grow

Stocks Wipe Out As Fears Grow

money.cnn.com

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.

(visit the link for the full news article)

I watched this through the last 30 minutes before close and couldn't believe what I was seeing.

money.cnn.com
(visit the link for the full news article)

Wow, just wow. With this info and the already post about the Sept 15 market downside. The feeling one gets does not bode well. I wonder what the end of the week will bring for the stock market? What is the total point loss since Monday?

I'm predicting the crash of the stock market to be Thursday, September 18, 2008.

actually it fell over 400 points. but they gained like 100 yesterday so the total point loss was 700 give or take a little.

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.

Originally posted by MatrixBaller04
I'm predicting the crash of the stock market to be Thursday, September 18, 2008.

i hope your wrong. i have a place to go and enough supplies to last awhile but i hoped that something like this would never happen. i was ignorant but there are too many signs to avoid now.

I think that there was a prayer vigil today to have the markets close before it got worst.

443.36 and we will be hearing more about failing banking institutions, as Washington Mutual is next.

[edit on 17-9-2008 by marg6043]

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.

449 point loss today, can i ask why the ppt did not save the day like they usually do?

Anyone know why they would let it fall?

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.

Yep, tomorrow. I am not prepared at all. I do not have a job, no cash, no car...I am 19 living with a friend and his parents and they have enough money right now and plenty of food.

If you have an account at WaMu, run there and get it out now!

WaMu puts itself up for sale, report says Goldman started auction for nation's largest thrift several days ago

www.marketwatch.com...[95475577-D0E8-407B-9B28-D302430FE9BB]&dist=hplatest

[edit on 17-9-2008 by pluckynoonez]

I have seen many other predictions across the board about sept 18th being the day of the crash with sept 15 and the days leading up to the 18th being only the icing on the cake. Either way, tomorrow will be held as a "tipping point" day for many of people imho. Till then all we can do is wait. I myself am not prepared as well, I have a job, and a little cash, but as far as food and supply's go i am lacking. Nor do i own a gun. Maybe now is the time to think about getting on. . . Although i do have this really amazing flashlight

With the already weakening economy and all the bail outs at the expenses of tax payer, I don't think that we can stand another financial institution failure.

At least the markets will not be able to deal with it.

Sorry but I have to say things might get worse but I do not see complete and utter devastation. I do not see a reason to make runs on banks, ammo, or food/water. Of course really if everyone does keep making runs on such things it will not really help things any at all.

Tomorrow will come and go with little more notice than today at the end. By this time next month people will have forgotten what took place today and tomorrow for the most part. Next week things will level off some and hit a bit of a relaxed period even though stock prices may still be low they will not be plummeting off the charts. In a year and a half the economy will started its turn around all ready. This is because there will be an opening of new jobs on the market dealing with energy. Soon we will be back to business as usual speculating on wars and rumors of them as well as what the governments next steps are in stepping into our lives.

The ride might be a bit bumpy but we will make it through without severe causalities.

Raist

Monday lost 503 roughly, yesterday gained about 150 roughly, and today dropped 449.36. So we lost about 800 points.

It's been a very bad couple days as speculation has been messing with the market pretty bad. Don't start on the doom and gloom yet as it doesn't look like we are quite there yet.

what i can't believe is that people are still unaware of this problem. i struck up a discussion about it in my school today and noone was worried about it. they said if anything the government will just print more money to cover the expenses.

you try explaining to a bunch of brain dead zombies how inflation works when the only news they get comes from sports illustrated gamepro or seventeen.

wow i hope some of them bring themselves to understand the complexity of this problem. and how it can affect all of them

reply to post by marg6043


To quote Michael Keaton in Batman: "you want to get nuts! let's get nuts!"

reply to post by grimreaper797


I wish I had your optimism. The people at this forum see it quite differently. "Genesis", their forum owner, is saying it is the end, but wants solutions from his members and not doom and gloom.

www.tickerforum.org...

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.

This is ATS, you don't get starred if you have any reasoning that doesn't point towards a conspiracy or the down fall of America's economy or currency. I'm starring you though, because I'm one of those that reasons and doesn't subscribe to the theory that the sky is falling.