Dow(n)! Weak Manufacturing and Retail Drive Woe
Flickr: Creative Commons by Jef Poskanzer
The Dow Jones Industrial Average followed global markets down the rabbit hole again today, with weak manufacturing numbers and tepid retail figures driving the market down as fears of a recession took hold first in Europe and then in US markets.
At the closing bell, the Dow was down more than 730 points, with the Nasdaq off by 150 points. The net effect is possibly the market re-testing the bottom of 8500 established last week. The question mark here is whether of not that bottom will hold.
Look to Asia overnight for the answer.
- FILED UNDER: Finance, $700 Billion Bailout, Economy, Fed, Wall street
- October 15, 2008
I just wonder if
a conversation might have gone something like this a few days ago when the market went up over 900 points in one day.
Frank says, "Hey, Joe."
Joe says, "Hello, Frank. I like these new urinal deodorizers. Nothing like lavender mixed with urea to clear the nostrils."
Joe says, "Heh, same old Joe. How about that market today? Did you capitalize?"
Frank replies, "Sure did. Bush was right. Pelosi and Reid are pushovers."
Joe says, "I think he refers to them as partners, but that might just be his fake Texan accent."
Frank says, "Nothing like blowing our wad, and getting a freeby to reinvest for a one day windfall. These American people are really suckers."
Joe replies, "They aren't suckers. They are just powerless, the poor little peasants."
Larry Craig walking by in the background says to another bathroom patron, "Remember, you don't know me, you have never seen me and I am not gay."
- parent
By AntillectualOctober 15, 2008 - 6:11pm