Wednesday, September 17, 2008

Market down over 4% based on AIG bailout

From MSN Money
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 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.
The time of the Banker's "happy talk" is over. The market is not convinced that the financial bloodletting is over.

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