Thursday, October 9, 2008

Vegeta, What Does Your Stock Ticker Show?

..."IT'S UNDER NINE THOUSAAAAAAAAAAAAAAAND!!!"
Stocks tanked Thursday afternoon - with the Dow falling nearly 700 points during the session - as panicked investors dumped stocks across the board.

Bank lending remained tight as nervous institutions continued to hoard cash. Treasury prices fell, raising their corresponding yields. The dollar gained versus the euro and the yen. Oil and gold prices fell.

According to early tallies, the Dow Jones industrial average (INDU) lost 679 points, or 7.3%, after hitting its lowest point since May 27, 2003 during the session.

The Standard & Poor's 500 (SPX) index lost 7.6% after touching its lowest point since May 1, 2003. The Nasdaq composite (COMP) lost 5.5% after hitting its lowest point since July 1, 2003.

A key measure of investor fear hit an all-time high: The CBOE Volatility (VIX) index, or the VIX, topped 61.

After seesawing through the morning, stocks turned lower in the afternoon, extending the recent slide. As of 3:35 p.m. ET, the Dow has lost more than 1,900 points over the past seven trading sessions amid growing skepticism that the financial markets can be stabilized.

One year ago today, the Dow hit an all time high of 14,164.53 and the "Bush Boom" was the "most under-reported success story in the modern age."

Well look how far the Bush Boom has brought us...33% straight down.

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