Stocks tumble on economic gloom

[notesdev]

http://finance.yahoo.com/news/Stocks-set-for-opening-slide-rb-14377533.html

* Tuesday February 17, 2009, 9:36 am EST


NEW YORK (Reuters) - Stocks tumbled at the open on Tuesday on concern that the recession is worsening and that efforts to stabilize the stricken global financial system may not be enough.

A report showing that manufacturing production in New York state fell to a record low in February added to worries about the deepening recession among investors already fearful a new U.S. economic stimulus package won't be a quick fix.

The Dow Jones industrial average (DJI:^DJI - News) was down 156.67 points, or 2.00 percent, at 7,693.74. The Standard & Poor's 500 Index (^SPX - News) was down 22.05 points, or 2.67 percent, at 804.79. The Nasdaq Composite Index (Nasdaq:^IXIC - News) was down 43.34 points, or 2.82 percent, at 1,491.02.

[notesdev]

1. Down 275

23 minutes into the session.

Dow 5000, here we come.

[FedUpWithIt All]

2. I listened to my gut and watched it start today. Ugly.

:(

[CoffeeCat]

3. I begged my hubby to get out at 8,700...

...and I'm glad that we did.

2009 is going to be an economic hell on wheels.

[CoffeeCat]

4. Down 255 now... (nt)

[Hoopla Phil]

5. This started last night in the Asian markets!

Something major is going on in the financial markets. A major player started dumping foreign currency for U.S. dollars when the Asian markets opened last night. I was up to 2:00 am central watching it. This is a global deal that started way before our markets opened.

[marketcrazy1]

7. I was watching that too Phil.

up till 3:10!! waiting for the euro market open.....

[leftofthedial]

6. We are nowhere near the bottom of this depressio-recession.

Even with the stimulus, things will get worse for at least a couple more years. The stimulus will slow the rate of decline somewhat at best.

We also need to begin ignoring the stock markets, which are increasingly phony and irrelevant as an kind of indicator.

Look at unemployment and any faint signs of job creation. Also look at reality (for a change)--real markets, such as real estate, infrastructure development, new green businesses, etc.

[barb162]

9. ding, ding , ding, ding!

"We also need to begin ignoring the stock markets"
Too true.

[Common Sense Party]

11. Yeah, real estate was a "real" market for the past few years, wasn't it?

It was nowhere near reality and it still isn't.

[Dawgs]

8. "...a new U.S. economic stimulus package won't be a quick fix."

Hmmm, why would people think it's not going to work? Maybe it's because the Republicans decided, before the bill was even introduced, that they would oppose it.

Thanks a lot Republicans.

[wuvuj]

10. What's working is reality...

...and the knowledge that no one wants to own banks because they will be stress tested and some will fail? The banks are leading the other sectors down.

I wouldn't pay too much attention to the economic news...it's not the stimulus (Repugs run the media)...it's the banks? And the realization that the world financial house of cards is weak.