The Dow continues its dive
I’m not sure what will fix the Dow and the stock market in the short term. I think that we need to focus on jobs. McCain has no viable plan for the economy. His latest lame duck plan was to carve out what was already in the bailout package and call it his own. Isn’t that plagiarism? (Nope, it can’t be. McCain is too honorable to something like that.)
From WaPo:
Exactly one year after setting its all-time high, the Dow Jones industrial average plummeted today, falling 7.3 percent to 8,579, the first time it has closed below 9,000 since June 2003.
The Dow’s loss of 679 points is the third-largest point loss for the index and the 11th-largest percentage loss. It was the seventh day in a row of losses on Wall Street as investor fears of the financial crisis intensified.
The Dow is now down more than 39 percent from its peak of 14,164.53 set Oct. 9, 2007.
The broader Standard & Poor’s 500-stock index was down 7.6 percent, about 75 points, at 910. The Nasdaq was down 5.5 percent, 95 points, at 1,645, despite better-than-expected earning from International Business Machines, which buoyed the index earlier today. (more… )
