The Dow Jones industrials closed down 449 points, or 4.1%, to 10,610. The Standard & Poor's 500 Index was off 57 points, or 4.7%, to 1,156, and the Nasdaq Composite Index was off 109 points, or 4.9%, to 2,099.The time of the Banker's "happy talk" is over. The market is not convinced that the financial bloodletting is over.
The Dow had been down as many as 398 points. Stocks have been known to make huge rebounds as short-sellers buy back shares to lock in their profits.
Still, if these levels hold, the Dow would finish 23% below its all-time high on Oct. 9, 2007. The S&P's decline would be 24%, and the Nasdaq's decline from its Oct. 31 high would be 25%.
The market's volatility in the past three days would rank in the top 10 since 1928, according to Standard & Poor's analyst Howard Silverblatt.
Wednesday, September 17, 2008
From MSN Money