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NEW YORK (AP) -- Despair over the economy sent Wall Street plunging again Wednesday, propelling the Dow Jones industrials down 733 points to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.
The government's report that retail sales plunged in September by 1.2 percent -- almost double the 0.7 percent drop analysts expected -- made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.
Monday was a reflection of the Depression Syndrome.
We will see at least one more 'miniature' spike in the coming week or so.
I don't know squat about finance, but i think the market's 'true' value is closer to the 6-6.5K range. After that the curve will flatten and resume modest growth. (yup, I pulled that one out of my butt! - if everyone else can 'guess' so can I.)
Originally posted by grimreaper797
As I have been saying, the 4th quater will be negative growth, for specifically this reason. Credit crisis caused the retail companies to almost come to a grinding hault, not just in ability to get credit, but ability to get people to spend their credit.