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NEW YORK - Stocks plummeted Tuesday, briefly hurtling the Dow Jones industrials down nearly 550 points as Wall Street succumbed to a global market plunge sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated.
A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai's benchmark index to a record high close, set the tone for U.S. trading. The Dow began the day falling sharply, and the decline accelerated throughout the course of the session before stocks took a huge plunge in late afternoon as computer-driven sell programs kicked in.
The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some ground in the last hour of trading to close down 400.16, or 3.17 percent, at 12,232.10, according to preliminary calculations. Because the worst of the plunge took place after 2:30 p.m., the New York Stock Exchange's trading limits, designed to halt such precipitous moves, were not activated. The decline was the Dow's worst since Sept. 17, 2001, the first trading day after the terror attacks, when the blue chips closed down 684.81, or 7.13 percent.
Investors' dwindling confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, just a day after former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession.
NEW YORK - Stocks plummeted Tuesday, briefly hurtling the Dow Jones industrials down nearly 550 points as Wall Street succumbed to a global market plunge sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated.
CNN is saying over 400 points lost on the market today, not 550...don't know for sure, though.
Says concerns about China and a few other things but yeah that's a big drop. The one fund I'm in right now is only down a few cents, about 4 bucks for me for the day. But certainly not a good thing.
I have also read that the failed attempt on Cheney had something to do with the market slide. I will skip on making the obvious joke for fears of the NSA.
Location: on the run from johnny law... ain't no trip to cleveland
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Quote:
Originally Posted by Gizmo Williams
I have also read that the failed attempt on Cheney had something to do with the market slide. I will skip on making the obvious joke for fears of the NSA.
so cheney bird shot the market to hell?
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We all need more Izzard in our life. - Gaddabout
I'll try to be more observant from now on. - dogpoo32
Right now it is a market over-reaction...we shall see what transpires over the short-term though.
I am not a buyer just yet though. Think you gotta let the rest of the bloodbath sort itself out tomorrow before the market decides which way it wants to continue.
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Dream like you'll live forever, live like you will die today. -James Dean
Right now it is a market over-reaction...we shall see what transpires over the short-term though.
I am not a buyer just yet though. Think you gotta let the rest of the bloodbath sort itself out tomorrow before the market decides which way it wants to continue.
Agreed... which is why I say, if GS and/or TM drop any further in the days ahead - scoop 'em up!!!! All you can get!!!
dreamcastrocks--My Hero!!
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