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Dow On Pace For 2nd Largest Point Drop In History [Update: 500-Point Rebound]
The 1st largest absolute decline took place way back in September of 2008, when the Dow sank 777 points. With 90 minutes of trading remaining, the index is off 700 points, slightly worse than the pre-2008 record decline of 684 points on September 17, 2001.
Last week's record-setting drop represented a 7.0% decline, slightly less than the post-9/11 sell-off, which totaled 7.1%.
Now that we're starting from a lower base than last week, it's easier to set new percentage records.
If the Dow closes with a decline of more than 736 points today, it will be the largest percentage drop since 1997. If it loses more than 742, it will be the largest percentage drop since 1987. (To beat 1987, we'd need to see a one-day drop of more than 2,300 points.)
Had your eye on a stock, but were waiting for a more attractive entry point? Might be time to pull the trigger.
Update: Zowie. That was a heckuva 90 minutes. After tumbling as much as 800 points to an intraday low of 9,525, the Dow roared back to close at 9,955 (after poking above 10,000 just before the closing bell), losing "only" 370 on the day.
Handcrafted by Flip on October 6, 2008 |
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Comments
This bailout is just one more example of the indivisible handjob stroking irresponsible CEOs and CFOs with billions so that they can run the American economy even further into the ground. So much for Keynesian economics. If the goal is to stimulate the economy, why not invest the money directly into the American taxpayers? The government could do twice as much good for the economy by returning half as much money (as the bailout requires) directly to the hardworking American taxpayers. A bird in the hand is worth two in the bush administration.Posted by: John Maszka | Oct 6, 2008 6:45:07 PM
