Dow plunges 519 points on economy, Europe worries

Dow plunges 519 points on economy, Europe worries

news.yahoo.com

NEW YORK (AP) — Stocks are falling at the close of trading as investors' attention returns to the weak economy and Europe's debt problems.

The Dow Jones industrial average is down 519, or 4.6 percent, to 10,720. It's the third time in the last five trading days that the Dow lost more than 500 points. The S&P 500 is down 51 points, or 4.4 percent, to 1,121. The Nasdaq is down 101, or 4.1 percent, to 2,381.

European bank stocks fell on worries that the region's debt problems are getting worse. That pulled down U.S. bank stocks. Financial stocks in the S&P 500 lost more than 7 percent

(visit the link for the full news article)

The media is making a big deal about this, and I haven't seen a thread yet about it, so I'm making one here.

Three big loses in five trading days - this seems really bad. I'm no expert - has it ever been this bad recently?

By the way, I haven't posted here in a while - don't we have an Economics forum?

news.yahoo.com
(visit the link for the full news article)

Don't worry, chairsatan is gonna announce QE3 on August 26.

Don't panic, Bernanke is doing everything he can to destroy the US!

Call it a prophecy....

The Dow will rise tomorrow.

~Namaste

Originally posted by they see ALL
Three big loses in five trading days - this seems really bad. I'm no expert - has it ever been this bad recently?

The losses are on the order of 15% over the last couple of weeks. The last drop of this magnitude was in 2008 when it dropped about 25% in a month. Then it started waffling before resuming the decline. It bottomed out a few months later having lost almost 45%. This time, like last time is being driven 100% by fear. Investors are scared. It won't stop until something happens to alleviate that fear. Some positive earnings reports, or some indication that the government is going to get serious about reducing the deficit, something along those lines. Personally I'm going to keep sitting on the sidelines, I think there's still a lot of downside risk and very little upside potential.

Obowmarx could do much to prop up the markets. He could fire all his czars, fire his cabinet, and resign. I bet the market would skyrocket, at least until biden got the big chair.

Its called downsizing through skimming off the cream. They do this whenever the outlook points in a negative direction. These days of volitility they do it more brazenly. Its snouts in the trough grab what you can.




\\

August 16 will be the day the debts must be paid by I believe.

Expect something inconvenient.

The last few days have been awesome in the stock market. I bought monday and sold tuesday and did so short selling. I am making good money. Crosses fingers for tomorrow.

All in all the stocks will recover and all really will be well. The decline in stock value doesnt really do much accept if you were a sucker and bought it high and wanted to cash out or if a company wanted to borrow money.

reply to post by they see ALL


the markets did not tank another 500+ dollars because of economy woes or the debt crisis... it is tanking because of day traders, high-frequency--traders, hedge-fund managers


the giant fund managers are hamstrung by the bylaws of their Funds...requirements & such... but the freelance speculators are not bound by any rules other than 'profit' at any means....


Europe is in the same shape as the USA, but the north Atlantic monetary empire of London-NY-DC have decided that the Euro must get crashed rather than the USD (the current world reserve currency)

Thanks for the history, SavedOne - I really wanted to get some additional information about this, and it is always good to put events in perspective. Thumbs up!

EDIT: Bad trigger finger, I guess. Double post.

reply to post by they see ALL


Link

It's a news war indeed. There's a constant attack on American policy and the economy, and notice that none of the usual msm cheerleaders are anywhere to be found. Something big's going down. Media knows it's impact on markets and has made sure to keep feeding the bad news to investors.

Originally posted by sonofliberty1776
Obowmarx could do much to prop up the markets. He could fire all his czars, fire his cabinet, and resign. I bet the market would skyrocket, at least until biden got the big chair.

You are really sounding like a broken tape recorder, with the same sound bite, every time, in all the discussions. I really think you need a new hobby. Obsessively hating someone so much is not really healthy... Obama maybe the worst president ever... but he is currently THE PRESIDENT ... at the least show some respect for the OFFICE ...
Fire him .. fine .. and replace him with whom? Who ever your choice will be, are you sure he/she will be able to turn our country around in a day, a month, a year?

Originally posted by Himal

Originally posted by sonofliberty1776
Obowmarx could do much to prop up the markets. He could fire all his czars, fire his cabinet, and resign. I bet the market would skyrocket, at least until biden got the big chair.

You are really sounding like a broken tape recorder, with the same sound bite, every time, in all the discussions. I really think you need a new hobby. Obsessively hating someone so much is not really healthy... Obama maybe the worst president ever... but he is currently THE PRESIDENT ... at the least show some respect for the OFFICE ...
Fire him .. fine .. and replace him with whom? Who ever your choice will be, are you sure he/she will be able to turn our country around in a day, a month, a year?

I do respect the office. But, like an altar that has been desecrated, the office(and our government as a whole) needs to be purified. I can in no way show respect for a being I totally detest and despise.

Originally posted by sonofliberty1776
I do respect the office. But, like an altar that has been desecrated, the office(and our government as a whole) needs to be purified. I can in no way show respect for a being I totally detest and despise.

We (ATS) assumed you don't like him the first time you said something bad about him...
The second time .. it was confirmed ... but repeating it over and over again .. all day every day .. kind of just makes me wonder about OCD.
Its even hard to ignore your post .. when you have the same talking point in all the threads .. all day.

Obama is scum....his best option is to resign or not serve another term in which he said in his own words he wouldnt do it he failed.


He may i inherited a recssion but he also inherited a AAA rating

reply to post by gorgi


I wish your sentiment was shared by the world....
I look at it like this.There are only so much riches in the world. Every time someone gets richer, someone else gets poorer. Economics of the western capitalism is a doomed promise. Cards will fall...
My call is if it goes under 8750 it all collapses

reply to post by St Udio


are not 60% of the market day traders