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- a day that will live in financial infamy
Fear turned into panic on Wall Street today as sellers indiscriminately dumped shares and potential buyers stood frozen like deer in the headlights.
Exactly one year after it hit its all-time high, the Dow Jones industrial average posted its seventh-straight loss, tumbling 678.91 points, or 7.3 percent, to close at 8,579.19. Since October began, it has fallen almost 21 percent.
Investors seem to be losing faith in the ability of the world's governments and central banks to unfreeze the credit markets and prevent a severe recession.
Also roiling the markets: The Securities and Exchange Commission today lifted its temporary ban on short-selling in almost 1,000 mostly financial companies. Short sellers, who bet against stocks they think will fall, have been blamed for contributing to the stock market collapse.
Today, however, investors abandoned stocks in all industries. Only 12 of the 500 stocks in the S&P 500 index eked out a gain.
Even IBM, which reported third-quarter earnings that were better than expected and reaffirmed its outlook for the fourth quarter, saw its shares fall 1.7 percent. Much of the selling is believed to be coming from hedge funds and, to a lesser extent, mutual funds that need to sell stocks to pay off investors who want their money out. These funds are selling "whatever they can," says Stewart Pillette of Pillette Investment Management. Big, blue-chips stocks are often easier to sell than smaller ones, so they are getting jettisoned to raise cash. Coincidentally, today also marked the six-year anniversary of the end of the last bear market.
During that bear market, which ended Oct. 9, 2002, the Dow fell 38 percent, the S&P 500 lost almost 50 percent and the Nasdaq composite tumbled 78 percent. Since the current bear market started a year ago, the Dow has lost 39 percent, the S&P is off 42 percent and the Nasdaq is down 41 percent. All three indexes, however, are still above where they were when the last bear market ended. After treading in positive turf for part of the session, the Nasdaq Composite Index (RIXF) lapsed into the red, ending down 95.21 points at 1,645.12. Volume on the New York Stock Exchange topped 2 billion, and declining stocks outran those advancing 10 to 1. On the Nasdaq, nearly 1.4 billion shares traded, with decliners surpassing advancers nearly 5 to 1. In commodities trade, gold fell, with the contract for December delivery dropping $20 to end at $886.50 an ounce on the New York Mercantile Exchange. .
Oil futures for November delivery fell $2.36 to $86.59 a barrel, its lowest closing level so far this year.
Rate cuts The stock market's continued decline comes one day after the U.S. Federal Reserve, European Central Bank, Bank of England and other central banks made coordinated rate cuts. The moves seemed to make little impact on Wednesday with the Dow industrials dropping 189 points, the Nasdaq Composite falling 14 points and the S&P 500 shedding 11 points. "Despite the poor close, I do think we are finally at the point where the short-term downside risk is minimal. While the upside might take time to develop, recession, earnings and a credit crisis are discounted," said Marc Pado, U.S. market strategist at Miller Tabak. "The market could still go down another 10% or so from here just purely on momentum," according to Paul Nolte, director of investments at Hinsdale Associates. Hear Nolte.
According to a report, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, the New York Times reported, citing unnamed government officials. Treasury Secretary Henry Paulson said in a speech Wednesday that he has the authority to do so under the $700 billion bailout plan. Britain on Wednesday announced a similar plan, though no U.K. bank as yet has taken government cash. "If Paulson heeds the advice of [U.K. Prime Minister Gordon] Brown and [ Chancellor Alistair] Darling, the chances that the U.S. economy will be steered away from a deep recession extending through 2009 will be greatly improved," said economists at RDQ Economics. In a related note, the Fed late Wednesday said it's going to lend $37.8 billion in additional cash to American International Group Inc. (AIG) for domestic life insurance subsidiaries in return for investment grade fixed-income securities. Stock futures had held an early advance after the Labor Department reported a decline in weekly jobless claims, which fell by 20,000 to 478,000 last week. . Overseas, Iceland nationalized its largest bank, Kaupthing, as a financial crisis deepened, meaning all three of its key banks are now under government control. In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.
Obama’s Impending Pearl Harbor : NO QUARTER
Obama’s Impending Pearl Harbor. By Larry Johnson close Author: Larry Johnson Name: Larry Johnson Email: larry_johnson@earthlink.net Site: http://NoQuarterUSA.net
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Pearl City Jobs (HI) | SimplyHired
Pearl City is located along the north shore of Pearl Harbor ... In USD as of Oct 7, 2008 ... Less than 9th grade: 6% 9th to 12th grade, no diploma: 7%
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Ain't It Cool News: The best in movie, TV, DVD, and comic book news.
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Oct 2, 5:44 PM EDT
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National, Regional Retirement Experts Highlight Oct. 1-3 Myrtle Beach ...
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October September August July June May April March February January ...
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Obama About to Be Hit on Questionable Associates
Rezko's sentencing is scheduled for Oct. 28. The conservative Judicial Confirmation Network is running a TV ad tying Obama ... He chose as one of his first financial backers a slumlord now convicted on 16 counts of corruption. Obama chose as an associate ...
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RFID Anti-Skimming Laws Approved
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Public comment sought on city rate increase
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Source: Common Dreams
NewsDateTime: 8/21/2008
In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.
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The world’s central banks tried to jump-start investors’ confidence today with coordinated interest rate cuts.
On Wall Street, it looked like the move was doing the trick late in the day -- until the final 30 minutes of trading.
The Dow Jones industrials had been up as much as 150 points going into the final half hour, then abruptly gave it all up and closed down 189.01 points, or 2%, to 9,258.10. Broader indexes also lost between 1% and 2%. It was the market's sixth straight loss, and left the Dow off 34.6% from its record high reached a year ago this week.
Still, the action today was dramatically improved from the previous two sessions. The Dow was off 370 points Monday and 508 points Tuesday.
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On the New York Stock Exchange, 749 stocks rose and 2,457 fell. That’s lousy, except when compared with Tuesday’s sell-off, when just 387 issues rose while 2,879 fell. On Monday, a mere 248 stocks were up.
Some stocks today sparked genuine enthusiasm: Agricultural products giant Monsanto Co. reported a fiscal fourth-quarter loss, which was expected (it’s a seasonal issue). But the company said it expected fiscal 2009 earnings to be up 15% to 20% and that its farmer customers weren’t reporting trouble getting credit.
Monsanto’s shares surged $7.26, or 9.8%, to $81.44.
Among blue chips, battered General Electric Co. sank as low as $19.90 but finished at $20.65, up 35 cents. The overnight rate the company was offering on commercial paper was 1.25%, down from 1.90% on Tuesday, Bloomberg News reported. That hinted at some improvement in the credit markets.
But other key short-term rates continued to climb, despite the central banks’ rate cuts. The three-month dollar Libor loan rate (short for London interbank offered rate) rose to 4.52% from 4.32% on Tuesday.
If there’s to be a noticeable turn in confidence, "We’ll see it first in the credit markets and then in the equity markets," said Marshall Front, chairman of money manager Front Barnett Associates in Chicago.
One other encouraging signal from the credit side: Massachusetts was able to sell $750 million in short-term tax-free notes today, a sign that investors were returning to the municipal debt market. That could bode well for California, which plans to tap the muni market for $4 billion in short-term funding next week.
Meanwhile, oil prices looked for direction as traders weighed fears that a world recession will crimp demand against speculation that OPEC may cut output to keep prices from falling too far. Light, sweet crude rose 14 cents to $89.09 per barrel on the New York Mercantile Exchange.
Declining issues outnumbered advancers by about 3 to 1 on the New York Stock Exchange, where volume came to 386.7 million shares.
The Russell 2000 index of smaller companies fell 6.77, or 1.24 percent, to 539.80.
In Asia, Japan's Nikkei 225 closed down 0.50 percent while the Hang Seng added 3.31 percent. In afternoon trading, European bourses advanced, with Britain's FTSE-100 up 1.65 percent, Germany's DAX up 0.86 percent, and France's CAC-40 up 0.34 percent.
On the Net:
* New York Stock Exchange: http://www.nyse.com
* Nasdaq Stock Market: http://www.nasdaq.com
Tonight's town hall style debate is moderated by Tom Brokaw of NBC News. Brokaw will ask six or seven of the more than 6 million questions submitted over the Internet.
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