Dow ends at lowest close in more than 6 years
Breitbart
NEW YORK
An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years. The Dow broke through a bottom reached in November, pulled down by sharp declines in key financial shares. It was the lowest ending for the Dow since Oct. 9, 2002, when the last bear market bottomed out.
The market’s inability to rally signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades. Investors also haven’t been impressed with two major economic initiatives from the Obama administration this week, an economic stimulus package and a mortgage relief plan.
“It is definitely, definitely a blow to psychology,” said Quincy Krosby, chief investment strategist at The Hartford, referring to the Dow’s finish. “There is more pessimism in the market as to when the economy is going to pick up steam.”
The Dow had been teetering close to November bottom since Tuesday, when the index tumbled 300 points on worries about the economy and the stability of banks in Eastern Europe. Stocks had barely finished above the November low on Tuesday and Wednesday.
On Thursday, worries about financial and technology stocks weighed on the market, with steep drop-offs in financial bellwethers like Citigroup and Bank of America leading the way downward. Both stocks ended down about 14 percent.
“The Dow represents, to the average investor, the American economy,” Krosby said. While professional investors often look at indexes like the Standard & Poor’s 500 index, the Dow’s slide is an unwelcome milestone. “It’s a tenet of the market, selling begets selling. You’re going to see the market on guard.”
Dan Cook, senior market analyst at IG Markets, said the Dow’s move lower is unnerving because without that level of support some investors worry there is little to keep stocks from falling farther.
“It’s kind of like if we’re walking across a frozen pond. If that ice starts to crack a bit we’re going to be very wary,” he said.
Wild Thing’s comment…….
Absolutely NO confidence in Obama from Wall Street as it should be. People do not like what they are seeing from B.Hussein Obama. The people who are the engine of our economy are depressed and disheartened by the Obama regime. 2700 points down since the election.
Obama has no idea how to inspire, no idea what America is about, the American Dream. He is negative and filled with his own hate filled world that goes into all he does. Resentment, jealousy, and wanting control over others. The worst thing IMO that could ever have happed to Obama was the worship he received, the media fawning over him. It all fed into his insanity.
Obama is NOT a leader by example and he never will be. He is a victim in his mind, his thinking is that of a victim wanting to get even and that is how he will run things. Making more victims to try and push himself more and more into their savior because he cannot do it by being a man to look up to.
What the hell does he have to feel a victim about? He led a rather protected and privileged life. Of course, he was raised by socialists – that can’t ever be good. But his spewing about crisis and all this class warfare is ringing rather hollow.
We need to keep bringing up the fact that it was the Dems (esp Clinton and his posse) that got us into this mess. And then fire all the RINOs that followed like sheep.
He doesn’t want to see the country back on it’s feet. It’s all about control and power. You can’t control people who are doing alright. Part of the Alinsky playbook is how to break down the society and that means killing Capitalism. he may be in for a rude awakening – at least, I pray so. He has no idea how many of us there are who believe in this country and all it stands for. He’s been hanging out with the whiney victims and their victimizers too long. But there is a strong segment in this country who are making their voices heard – in Colorado, Arizona and on to Kansas. Everywhere he goes, there will be protests. Check out Michele Malkin’s site for photos and posts about the protests.
I loved Santelli’s rant yesterday from the Chicago Market floor. The agreement with him from those traders and the Dow dropping since the election show that financial traders have little to no confidence in Obama and the Dem controlled government.
Like yankeemom states, Obama may be trying for more government power and control by breaking down the finacial engines of America and then having them come under more govt regulation and less free market response.
Obama is playing the victim only because he’s not getting his own way.
Not many investors want to risk it all in a visible ponzi scheme that robs one sector to fund another as well as fund the spread of Communism.
Rush Limbaugh, you are not alone in hoping this president fails, I just hope the people revolt and string him and his cabinet up with piano wire.
Well the dow is still dropping, right now it’s at 7271 down -194 and counting. Hopefully Santelli’s rant rubbed off on the rest of the corporate world and they follow suit.
Standing up to this Socialist Bully is the only solution. And Santelli’s rant is a good start.
Yankeemom, AMEN and DITTO all you said.
He is only a victim in his own sick mind.
This is the bottom line of what he is about too……..
“He doesn’t want to see the country back on it’s feet. It’s all about control and power.”
Tom, I agree, I loved how the people around Santelli were applauding, it was great.
Jack, yes that’s true. He could never have gotten away with the things he has said and done from day one including during the campaign if he did not have the media in love with him. yuk!
Mark, I am not sure of the exact quote but it is something like the pulse of the country is the stock market the Dow etc. In this case it sure is. And it is not happy with Obama at all.