Author Topic: TODAYS MARKET (PLEASE UPDATE)  (Read 4393 times)

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Offline bigron

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TODAYS MARKET (PLEASE UPDATE)
« on: October 16, 2008, 08:09:18 am »
Stocks plunge anew as data points to recession !

 By TIM PARADIS, AP Business Writer
Wed Oct 15, 6:31 PM ET
http://news.yahoo.com/s/ap/20081015/ap_on_bi_st_ma_re/wall_street


Investors agonizing over a faltering economy sent the stock market plunging all over again Wednesday after a stream of disheartening data convinced Wall Street that a recession, if not already here, is inevitable. The market's despair propelled the Dow Jones industrials down 733 points to their second-largest point loss ever, and the major indexes all lost at least 7 percent.

The slide meant that the Dow, which fell 76 points on Tuesday, has given back all but 127 points of its record 936-point gain of Monday, which came on optimism about the banking system in response to the government's plans to invest up to $250 billion in financial institutions.

Wednesday's sell-off began after the government's report that retail sales plunged in September by 1.2 percent — almost double the 0.7 percent analysts expected — made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.

The Commerce Department report was sobering because consumer spending accounts for more than two-thirds of U.S. economic activity. The reading came as Wall Street was refocusing its attention on the faltering economy following stepped up government efforts to revive the stagnant lending markets.

Then, during the afternoon, the release of the Beige Book, the assessment of business conditions from the Federal Reserve, added to investors' angst. The report found that the economy continued to slow in the early fall as financial and credit market problems took a turn for the worse. The central bank's report supported the market's belief that difficulties in obtaining loans have choked growth in wide swaths of the economy.

"Even though the banking sector may be returning to normal, the economy still isn't. The economy continues to face a host of other problems," said Doug Roberts, chief investment strategist at ChannelCapitalResearch.com. "We're in for a tough ride."

Fed Chairman Ben Bernanke offered a similar opinion, warning in a speech Wednesday that patching up the credit markets won't provide an instantaneous jolt to the economy.

"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," he told the Economic Club of New York.

Analysts have warned that the market will see continued volatility as it tries to recover from the devastating losses of the last month, including the nearly 2,400-point plunge in the Dow over the eight sessions that ended Friday. Such turbulence is typical after a huge decline, but the market's anxiety about the economy was also expected to cause gyrations in the weeks and months ahead.

Selling accelerated in the last hour of trading, a common occurrence during the eight days of heavy declines. One reason for the heavy selling: Mutual funds need to unload stock to pay investors who are bailing out of the market.

Investors apparently have come to believe that Monday's big rebound over the banking sector was overdone given the problems elsewhere in the economy.

"It really doesn't come as a shock after Monday's gains were, I think, a little bit excessive," said Charles Norton, principal and portfolio manager at GNICapital, referring to the market's pullback.

He contends that the government has taken so many steps to help the financial system that investors must now wait for some of the actions to help steady the economy.

"It seems like all the tools in the tool chest have mostly been used now and now it's back to reality," he said. "We're still faced with the fact that the economy is slowing and earnings aren't very good."

Doubts about the economy were already surfacing in Tuesday's session, when investors halted an early rally and began collecting profits from stocks' big Monday advance. Wednesday's data confirmed the market's fears that the economy is likely to remain weak for some time, and that corporate profits are likely to suffer.

Mark Coffelt, portfolio manager at Empiric Funds, said moves by European and U.S. government officials to begin investing directly in banks are easing worries about credit. But the steep pullback in stocks that began last month after the credit markets lurched to a near standstill has now created worries that consumers will spend less after seeing the value of their retirement accounts and other investments drop.

"Markets abhor uncertainty and so we got a lot of that resolved this weekend and we got the reward Monday but now people are saying 'OK, now what is the economy going to do?'"

"We're definitely going to get a slowdown from the terror of going through that," Coffelt said.

The Dow ended down 733.08, or 7.87 percent, at 8,577.91. On Monday, Sept. 29, the Dow had its largest point drop 777.68. Wednesday's percentage drop was the biggest since the 8.04 percent of Oct. 26, 1987, which followed Black Monday, the Oct. 19 crash that sent the blue chips down 22.6 percent in a single session.

The Dow's massive decline Wednesday marks its 20th triple-digit move in 23 sessions.

Broader stock indicators also skidded. The Standard & Poor's 500 index fell 90.17, or 9.03 percent, to 907.84, and the Nasdaq composite index fell 150.68, or 8.47 percent, to 1,628.33.

It was the lowest close for the Nasdaq since June 30, 2003, when the index finished at 1,622.80. The Dow and the S&P 500 are also at mid-2003 levels.

The Dow is down 39.4 percent from its Oct. 9, 2007 closing high of 14,164.53. The S&P is down 42 percent from its high at the same time of 1,565.15. The Nasdaq's record high was 5,048.62, during the dot-com boom that swelled the index to levels it has not come close to regaining after the high-tech bubble burst.

U.S. stock market paper losses came to $1.1 trillion Wednesday, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.

Wednesday's losses came as investors were hoping the market would recover from last week's terrible run, which erased about $2.4 trillion in shareholder wealth and brought the Dow to its lowest level since April 2003. The tumble occurred amid a seize-up in lending stemming from a lack of trust among institutions in response to the bankruptcy of investment bank Lehman Brothers Holdings Inc. and the failure of Washington Mutual Inc., which had been the nation's largest thrift.

The credit markets have been showing tentative signs of recovery, though they remain strained. The three-month Treasury bill on Wednesday was yielding 0.20 percent, down from 0.30 percent on Tuesday. Overall, yields remain low, showing that demand is so high that investors are willing to earn meager returns as long as their principal is preserved.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.98 percent from 4.03 percent late Tuesday.

About 350 stocks advanced at the New York Stock Exchange, while about 2,800 declined. Consolidated volume came to 6.4 billion shares, down from 7.97 billion traded Tuesday.

The Russell 2000 index of smaller companies fell 52.54, or 9.47 percent, to 502.11.

Light, sweet crude fell $4.09 to settle at $74.54 per barrel on the New York Mercantile Exchange.

In Asian trading, Hong Kong's Hang Seng Index lost nearly 5 percent after rising more than 13 percent the previous two days. Markets in Australia, South Korea, China, India and Singapore also sank. Japan's Nikkei 225 index, however, ended up 1.1 percent after soaring 14 percent in the previous session.

In Europe, Britain's FTSE 100 fell 7.08 percent, Germany's DAX index fell 6.49 percent, and France's CAC-40 fell 6.82 percent.

___


Offline hellcatjr

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #1 on: October 16, 2008, 08:16:37 am »
Yesterday - the dow had a 1,000 point swing basically, after being in the green before the bell, turning -300 sank down to -700 point dive

N225 -Down -1,089.02 (11.41%)
Brazil -Down -4,736.01 (11.39%)

Big countries taking big hits.
'A Man can only become great, when he understands his place in time' - JPM Jr.

Offline SuzakaDusk

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #2 on: October 16, 2008, 08:32:51 am »
Updated: 9:30 am ET, October 16
-1.03(-0.01%)Dow 8,576.88
Words can not describe how I feel, I am exiled in the UK away from my husband and babies and I so much love and miss them, I am heartbroken about my ordeal. I am so upset and overwhelmed by it all. I am not taking anything for my depression. I'm trying to hang in there, but it is hard.

Offline bigron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #3 on: October 16, 2008, 08:36:42 am »


Index Value: 8,498.42
Trade Time: 9:34AM ET
Change:  -79.49 (0.93%) down
Prev Close: 8,577.91
Open: 8,577.04
Day's Range: 8481.70 - 8627.05
52wk Range: 7,773.71 - 14,075.80
 
 



Offline bigron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #4 on: October 16, 2008, 08:39:07 am »
Asia last night :

Nikkei 225 8458  -1,089.02  (-11.41%)
Hang Seng 15231  -767.78  (-4.80%)
All Ordinaries 3988  -284.40  (-6.66%)

Offline Neutron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #5 on: October 16, 2008, 08:42:00 am »

UP  48


Offline Neutron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #6 on: October 16, 2008, 08:46:39 am »

Gold is DOWN $41.05 and dropping like a rock

Offline bigron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #7 on: October 16, 2008, 09:44:26 am »
At 10:42AM ET: 8,396.23   -181.68 (2.12%)  down

Offline bigron

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #8 on: October 16, 2008, 10:15:26 am »
At 11:13AM ET: 8,230.17   -347.74 (4.05%)  down

Offline kevlar442

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #9 on: October 16, 2008, 10:47:04 am »
Holy smoke.  Volatility is at 80.  :o

http://finance.yahoo.com/q?s=%5EVIX
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Offline dr4gon

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #10 on: October 16, 2008, 11:02:32 am »
Gold is DOWN $41.05 and dropping like a rock

Yep, its a f**king JOKE!

Wont go below $800 though. Watch it jump next week to 900 +. I may be only a novice but i've watched this pattern for the past year
"The answer to 1984, is 1776"

Offline scoffer

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #11 on: October 16, 2008, 11:08:31 am »
Holy smoke.  Volatility is at 80.  :o

http://finance.yahoo.com/q?s=%5EVIX

Dang, I looked at the 2 year chart, looks a lot like Al Gore's CO2 atmosphereic concentration chart.

Offline Nailer

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #12 on: October 16, 2008, 11:14:29 am »
Yep, its a f**king JOKE!

Wont go below $800 though. Watch it jump next week to 900 +. I may be only a novice but i've watched this pattern for the past year
don't bet on that..

 Gold -48.00 -5.72% 791.00

http://money.cnn.com/data/markets/

Oct 16 12:13pm   Change %Change Level
 
 Dow -39.19 -0.46% 8,538.72
 NASDAQ +4.39 +0.27% 1,632.72
 S&P -7.08 -0.78% 900.76
 
 DJ Wilshire 5000 -55.50 -0.61% 9,104.91

 Oct 16 11:46am  Change %Change Level
 
 FTSE -218.20 -5.35% 3,861.39
 DAX -238.82 -4.91% 4,622.81
 Nikkei -1,089.02 -11.41% 8,458.45
 
 U.S. Dollar vs Euro -0.0036 -0.27% 1.3423
 U.S. Dollar vs Yen +0.7300 +0.73% 0.0099
I am a realist that is slightly conservative yet I have some republican demeanor that can turn democrat when I feel the urge to flip independant.
 
The truth shall set you free, if not a 45ACP round will do the trick.. HEHE

Offline DCUBED

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #13 on: October 16, 2008, 11:19:03 am »
WOW. It just shot straight up. I think the PPT just got to work.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”  - Arthur Conan Doyle

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Offline America2

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #14 on: October 16, 2008, 11:28:06 am »
WOW. It just shot straight up. I think the PPT just got to work.

It's been on a roller coaster ride all day-it was once below 300, then it went up below 100, then it went back down to almost below 200, and now this...

Get ready for a rough ride today.

Offline dr4gon

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #15 on: October 16, 2008, 11:35:32 am »
don't bet on that..

 Gold -48.00 -5.72% 791.00

http://money.cnn.com/data/markets/


ah well, im still certain we will see it jump again over the next week. These prices are ludicrous, wish i had more cash to buy some right now.
"The answer to 1984, is 1776"

Offline rick reuben

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #16 on: October 16, 2008, 11:47:04 am »
There are predictions that Bernanke will cut another .5% off the funds rate tomorrow. Madness.

Offline Raincheck

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #17 on: October 16, 2008, 11:50:58 am »
There are predictions that Bernanke will cut another .5% off the funds rate tomorrow. Madness.

Let's see...they can do that how many more times?  ;)

Offline Nailer

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #18 on: October 16, 2008, 12:07:35 pm »
its back in the red again..

Oct 16 1:04pm † Change %Change Level
 
 Dow -52.57 -0.61% 8,525.34
 NASDAQ -0.86 -0.05% 1,627.47
 S&P -8.66 -0.95% 899.18
 
 DJ Wilshire 5000 -79.35 -0.87% 9,081.06
NYMEX Crude Oil -4.79 -6.43% 69.75
 Gold -35.50 -4.23% 803.50

Oct 16 12:31pm† Change %Change Level
 
 FTSE -218.20 -5.35% 3,861.39
 DAX -238.82 -4.91% 4,622.81
 Nikkei -1,089.02 -11.41% 8,458.45
 
 U.S. Dollar vs Euro -0.0048 -0.36% 1.3411
 U.S. Dollar vs Yen +0.8200 +0.82% 0.0099
I am a realist that is slightly conservative yet I have some republican demeanor that can turn democrat when I feel the urge to flip independant.
 
The truth shall set you free, if not a 45ACP round will do the trick.. HEHE

Offline America2

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #19 on: October 16, 2008, 12:13:53 pm »
http://news.yahoo.com/s/ap/20081016/ap_on_bi_st_ma_re/wall_street

Quote
Stocks fluctuate as market tries to assess economy

NEW YORK - Wall Street remained tense Thursday, swinging between sharp gains and losses as investors examined mixed economic and earnings data for clues about the economy. The Dow Jones industrials, down 380 at one point, later rose more than 100; the major indexes were also seeing wide swings.

Read more at the above link.

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #20 on: October 16, 2008, 12:20:09 pm »
I knew this was gunna happen.  I'm kind of enjoying it...

I know this is a horrible thing to say, but I wonder when people are going to start jumping out of windows on wall street.

Money, that's all I can say.  There's something wrong with it.  Everything's abused.

I'm thinking that no matter what, there are going to be living beings that abuse power.


Offline wouldntyouliketoknow

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #21 on: October 16, 2008, 12:25:58 pm »
The credit markets are loosening up so you will see more institutional money going back into the market. The panic is slowing down because interest rates on commercial paper loans are dropping.  A few non-financial paper rates have even fallen lower than levels seen right before the market started to collapse and LB fell.

Lower interest rates make it easier for companies to lend to one another. I am not saying that the credit crisis is over but you will probably see less insanity in the coming weeks.

Of course, something big could happen outside the markets that would once again trigger panic and then all bets are off.

Offline ConcordeWarrior

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #22 on: October 16, 2008, 12:26:45 pm »
Dow only -0,19% at this moment.  ???
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Rock

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #23 on: October 16, 2008, 02:10:12 pm »
+186

Fed is printing again

Rock

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #24 on: October 16, 2008, 02:19:00 pm »
+287

Offline Byrne0ut

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #25 on: October 16, 2008, 02:30:14 pm »
the market is bouncing along the bottom, I expected this today.

Offline America2

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #26 on: October 16, 2008, 02:49:03 pm »
Wow...+370!

Offline NWOSCUM

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #27 on: October 16, 2008, 03:03:51 pm »
I hate the grins all the CNBC talking heads get as the market rallies.  I so much more enjoy the gloom and doom while the market craters!!
"The receptivity of the great masses is very limited, their intelligence is small, and their power of forgetting is enormous." --Adolph Hitler, "Mein Kampf"

Offline America2

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #28 on: October 16, 2008, 03:06:40 pm »
Same story like the last couple of weeks-market down, down for most of the day, then a *late* rally ends it on a positive note. +401

Offline DCUBED

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Re: TODAYS MARKET (PLEASE UPDATE)
« Reply #29 on: October 16, 2008, 03:08:59 pm »
An 800 point swing for the DOW today.  Talk about volatility.
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”  - Arthur Conan Doyle

"The individual is handicapped by coming face-to-face with a conspiracy so monstrous he cannot believe it exists." J. Edgar Hoover