U.S. stocks slammed; Dow industrials shed 504 points

[Roland99]

Source: MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks tanked on Monday, with the Dow Jones Industrial Average hit with its worst point and percentage drop in nearly seven years after Lehman Brothers Holdings Inc. filed for bankruptcy and insurance giant American International Group Inc. scurried to raise capital even as its market value was axed by distraught investors.

Read more: http://www.marketwatch.com/news/story/us-stocks-slammed-dow-industrials/story.aspx?guid=%7B7483FC20%2DF280%2D4B07%2DBD92%2D38DD4485C614%7D&dist=TQP_Mod_mktwN

---

Biggest Point Drop since Sept. 2001

Dow 10,918.00 -503.99
Nasdaq 2,179.91 -81.36
S&P 500 1,193.53 -58.17
10-year 3.48% -0.25
Oil $95.71 -$5.47
Gold $787.00 $22.50


DJIA under 11,000.
NASDAQ under 2,200.
S&P 500 under 1,200.

:scared:

[DemWynner]

1. Good thing I just upped my 401K

I guess if you look at the bright side, I am getting my stocks cheap. Although, I think it will go down a lot more before it goes back up.

:evilfrown: :evilfrown: :evilfrown:

[Roland99]

2. Welcome to DU, DemWynner

:hi:

[DemWynner]

21. Thank you

I was here a few years ago as MARALE and I read the SMW every day. I feel this election is so important this time. The dems do such a better job leading the country and seeing what is happening makes me afraid for the future.

[fascisthunter]

3. Congratulations Republican Party!!!!

[harun]

7. It is too bad more people don't see this for what it is, a failed ideology

built on lies.

[curious one]

4. My prediction was 300+ pt for today. Wow 500+, this is really bad.

[harun]

5. Mine too. 500+ means a lot of big boys have a lot of big selling to do

Probably going to get worse.

[trashcanistanista]

8. Mine was it would stop at -500.

Well I was off by 4.

[Lone_Star_Dem]

6. It hovered in the 300 range most of the day

It wasn't until around the final hour that the bottom really fell out.

[olddad56]

9. my prediction was 1000 point drop, guess it will take two days..

it is really bad, it is over.

[MercutioATC]

15. Yeah, I was betting on -350. I didn't expect that last 90-minute run.

It'll be interesting to see where it goes tomorrow.

[Straight Shooter]

10. There's your legacy, Dubya.

Except for the oligarchy/plutocracy, from all across America we say, "Thanks for nothing."

[madrchsod]

11. starting over at 90`s level numbers ..

trillion plus debt instead of a surplus.............heck of a job republicans

[AnAnonymousDemocrat]

12. Heckuva job, Georgie! n/t

[Trillo]

13. Looks like some "money" is going into the NIKKEI

up 0.93%

Arbitrage?

[Doctor Cynic]

14. Japan is closed today.

As is China, Korea, and Hong Kong. It's Mid Autumn Festival.

It's going to be an absolute bloodbath tomorrow.

[Art_from_Ark]

17. Mid-autumn festival?

Strange timing, given that autumn has not even officially begun yet.
Japan's official autumn holiday is next Tuesday, the 23rd. Monday was a completely unrelated holiday, Respect for the Elderly Day.

[wickerwoman]

23. Weird

Last Saturday was mid-autumn festival in China and we got Monday off for the three-day weekend. I think it's mid-autumn by the lunar calander or something. Anyway... the market were open again today!

[amandabeech]

18. It is a bloodbath.

The Nikkei is down about 5% as of 11:30 Eastern.

The yen is trading at 104.5 roughly to the dollar. It wasn't long ago when the dollar brought 130 yen.

[bushmeister0]

16. Anyone just hear ATC's Adam Davidson say capitalism isn't finished?

I've been hearing this sort of thing all day on various NPR programs.

Not that all the 'experts' are worried or anything.

The more I hear these rote assurances that we're not careening into another Great Depression, the more worried I get.

I heard McLamebrain's unoffical economic adviser Mark Zandi on TOTN saying that since the Dow was only down about 300 a miday everything was OK.

He used the example of a 1000 point drop as something to worry about.

Zandi is usually so damn cocky, today all he could say was 'at least it isn't worse.' Of course, a couple hours later it did get worse.

Zandi is usually such a arrogant shill for the ultra-rich and their zillion dollar shell game. Today he sounded like the proverbial deer in the headlights.

As much pleasure as I might derive from hearing these shitheads squeal in their abject terror at the prospect of their whole system coming down around their ears, I know it'll be much, much worse for the rest of us.

[bemildred]

19. Oil futures are at $91.something right now. nt

[snot]

20. anyone else wish there were a forum just for economic/finance stuff?

or would that be redundant.

[CabalPowered]

22. Here

http://www.democraticunderground.com/discuss/duboard.php?az=show_topics&forum=114