Thursday, November 20, 2008


The market "crashed" in the last hour of trading. The pic above tells the story. It went down in the morning, rebounded nicely, was doing okay after lunch and then at 3 pm. BOOM!


Look at this from CNN Money:

Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.

The Standard & Poor's 500 (SPX) index lost 6.7% according to early tallies and closed at its lowest point sine April 14, 1997.

The Dow Jones industrial average (INDU) lost 445 points or 5.6%. It closed at the lowest level since March 12, 2003, just above the low of the last bear market.
Stocks were mostly lower throughout the session after the morning's weak readings on the labor market and manufacturing sector. The major gauges briefly bounced after falling to some key technical levels, before turning lower.

The fate of the automakers and the woes of Citigroup were among the factors dragging stocks down Thursday afternoon. GE slumped too on news that it's not getting additional capital, as had been rumored.

"The wealth destruction is phenomenal," said Tom Schrader, managing director at Stifel Nicolaus.


This makes the Sojournal magazine this month so much more appropriate

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