Monday, Sep 22, 2008
Here We Go Again!
CNNMoney: Stocks slump after $700 billion plan
Wall Street weakens as investors look for clarity on the government's bank bailout plan. Morgan and Goldman become bank holding companies. Oil and gold prices spike.
NEW YORK (CNNMoney.com) -- Stocks tumbled Monday, as worries about the Treasury Department's proposed $700 billion bailout plan for the financial services sector overshadowed any relief about the outlook for Morgan Stanley and Goldman Sachs.
The Dow Jones industrial average (INDU) fell 190 points, or 1.7%, over two hours into the session. The Standard & Poor's 500 (SPX) index fell 2% and the Nasdaq composite (COMP) fell 1.5%.
Another week of madness coming up but overall the Markets are tumbling.
Posted by plato @ 06:13 PM (508 views) Add Comment
5 Comments
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1. paul said...
And the awful truth is: THERE IS NO CLARITY - they made it all up!
The article below this one tells the awful truth that the US government has no more rabbits to pull out of hats.
2. bystander said...
could this not simply be profit taking????????
3. plato said...
bystander said...
could this not simply be profit taking????????
Probably an element of this,but the confidence just isn't there. Too many questions need answering and the judicial system is being taken over with blinding speed. I am sure this will have great legal repercussions. The very fabric of freedom is being stifled in the USA of all places.
4. Mvb said...
Maybe some profit taking, maybe Friday was more about people closing their shorts?
If you're short, to close it, you have to buy shares (unless you're shorting by spread-betting and that doesn't impact that share price.)
I'm no expert though.
5. Fingerbob69 said...
Start with Article 8 of the Poulson Plan and go from there. Wall St knows this plan just will NOT get through Congress. I mean Poulson wants to be above and beyond the rule of Law! FFS!!! Ftse to close -200pts or more Tuesday.