DOW SLUMPING NEARLY 778 POINTS, IN THE BIGGEST SINGLE-DAY POINT LOSS EVER

DOW SLUMPING NEARLY 778 POINTS, IN THE BIGGEST SINGLE-DAY POINT LOSS EVER

[+] ballot by ClosetIguana
ACTIVE Mon Sep 29, 08 - Tue Sep 29, 09
Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

The day's loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.

The Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks. However the 7% decline does not rank among the top 10 percentage declines.

The Standard & Poor's 500 (SPX) index lost 8.8%, its seventh worst day ever on a percentage basis and the biggest one-day percentage drop since the crash of '87, when it lost 20.5%. The Nasdaq composite (COMP) fell 9.1%, its third worst day on a percentage basis and also its worst decline since the crash of '87.

Stocks tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit markets. The frozen markets mean banks are hoarding cash, making it difficult for businesses and individuals to get much-needed loans. (Full story)

"The stock market was definitely taken by surprise," said Drew Kanaly, chairman and CEO of Kanaly Trust Company, referring to the House vote. "If you watched the news stream over the weekend, it seemed like it was a done deal. But the money is being held hostage to the political process."

Stocks had fallen from the get-go Monday morning. In addition to expectations for the bailout, there was also news that troubled Wachovia had to sell its banking assets to Citigroup. A number of European banks also collapsed.

Concerned?

1 not at all
3 only slightly concerned
7 very concerned
10 extremely concerned

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COMMENTS:
Voted : 3 only slightly concerned
when i saw certain individuals move various currencies into gold and silver then i was. a bit. when they sold off the euro, pound, dollar, yen and the other bellweather safe haven papers i took notice. of course i still ordered my new car. 023

but then again i can be a bit of an idiot.

by Kev24 on Mon Sep 29, 08 6:06pm [+]

Voted : 10 extremely concerned
I'm losing my ass...

by thesoothsayer on Mon Sep 29, 08 6:08pm [+]

Voted : 1 not at all
The only people who lost money were wealthy people. No harm in that.

I'm glad the bailout failed. I believe the who situation is EXAGERATED!

Bush is trying to SCARE people into it just like he scared people into acceping the invasion of Irag.

He's trying to help his rich buddies before he leaves office.

by Grapost on Mon Sep 29, 08 6:22pm [+]

^ well if the only people who lost money are the wealthy, just how is he helping his rich buddies? and if the wealthy lost some money, who cares - i mean the wealthy can afford it right? just dump paper for gold. 023

by Kev24 on Mon Sep 29, 08 7:17pm [+]

Voted : 1 not at all
Hail Canada! Here I come. I don't have any money to lose so wtf do I care.

by ThisIsNate on Mon Sep 29, 08 9:55pm [+]

Voted : 3 only slightly concerned
I don't have money to lose, either, but a lot of people I know do, and they're in full panic mode. And such emotions spread rapidly.

by Truthseeker013 on Tue Sep 30, 08 5:05am [+]