DOW takes major plunge Thursday on fears of another recession

[cyberdude558]

Stocks plunged sharply Thursday, with the Dow down more than 500 points, in its worst one-day decline since December 2008. All three major averages tumbled into negative territory for the year as investors were rattled over an intensifying global economic slowdown and ahead of the widely-followed monthly unemployment report.

The Dow Jones Industrial Average plummeted more than 450 points, led by Alcoa [AA  12.94    -1.32  (-9.26%)   ] and BofA [BAC  8.83    -0.71  (-7.44%)   ]. The blue-chip index fell into "correction territory," defined by a drop of 10 percent from its peak from its intraday high in May. The last time the Dow dropped more than 400 points in a single session was in Dec. 2008.

The S&P 500 and Nasdaq also dipped into correction mode. And all three major indices are firmly in negative territory for the year.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, surged more than 30 percent to trade near 32.

http://www.cnbc.com/id/44017828

[shawn731]

Sad. To be honest i'm not suprised.  I took a loss in investments and finally started to recuop some of it back. What about 401k plans, and those looking to retire soon?  The future doesnt look promising for a young adult, much less a colleg graduate.

[Morgan]

I saw it coming - rightwingers along w/ FOX NEWS are celebrating at the bad news that has hit our country.  They have only one goal in mind and that it interfering with their job to do what's best for America.

[Fitz66]

I saw it coming

Me too. 

[Biggs3535]

I saw it coming - rightwingers along w/ FOX NEWS are celebrating at the bad news that has hit our country.  They have only one goal in mind and that it interfering with their job to do what's best for America.

This would be funny if there weren't so many other imbeciles that believe the talking points they are being fed.

[jbear]

I saw it coming - rightwingers along w/ FOX NEWS are celebrating at the bad news that has hit our country.  They have only one goal in mind and that it interfering with their job to do what's best for America.

Another jaw dropper. 

I wish you'd just be honest with yourself one time.  Imagine a certain previous president with an IQ of around 40 and a knack for winding up in photoshoped pics that make him look like a chimpanzee being in charge of an even worse spending crisis than he actually was.  Imagine it got so bad he had to ask congress to raise the debt ceiling and a big part of the country went bananas. R's and D's can't agree to raise the ceiling because R's want to cut spending and D's want to raise taxes.  MSNBC is slaughtering him because a financial meltdown is looking like a real possibility and of course, being an R, he's on the wrong side.  Lots of people on the opposite end of the political spectrum from you are saying the exact same things you are now..... Could you just use your brain one time, breathe deeply a few times and get ahold of yourself?

I know I'm wasting my time. 

[kevabuc]

I see this coming;

"Without passing the Budget Control Act and raising the debt ceiling the stock market fall would have been a lot worst, 1000 points or more. We saved or created at least 500 points."

[spartan]

I saw it coming - rightwingers along w/ FOX NEWS are celebrating at the bad news that has hit our country.  They have only one goal in mind and that it interfering with their job to do what's best for America.

I saw it coming too. When a blind man is at the wheel the result is pretty much inevitable.

[Morgan]

Now that the teabaggers et al have put in their two cents, there's no longer a single person at the wheel...
BTW, see the latest Rasmussen poll about your president?

Most voters think President Obama has a good shot at being reelected next year, even if he continues to pursue tax increases as part of any future deficit reduction plan.

Fifty-four percent (54%) of Likely U.S. Voters feel the president is at least somewhat likely to be reelected in 2012. A new Rasmussen Reports national telephone survey finds that 40% disagree and think the president’s reelection is unlikely.

http://www.rasmussenreports.com/public_content/politics/obama_administration/august_2011/54_think_obama_s_reelection_at_least_somewhat_likely

[spartan]

Now that the teabaggers et al have put in their two cents, there's no longer a single person at the wheel...
BTW, see the latest Rasmussen poll about your president?

Most voters think President Obama has a good shot at being reelected next year, even if he continues to pursue tax increases as part of any future deficit reduction plan.

Fifty-four percent (54%) of Likely U.S. Voters feel the president is at least somewhat likely to be reelected in 2012. A new Rasmussen Reports national telephone survey finds that 40% disagree and think the president’s reelection is unlikely.

http://www.rasmussenreports.com/public_content/politics/obama_administration/august_2011/54_think_obama_s_reelection_at_least_somewhat_likely

Yet he loses by 5 against a generic R, wins against all named R's, only 17% say the country is going in the right direction, has a strong approval of 24% (note only a strong approval of  48% by D's), strong disapproval of 44% etc, etc and so forth.

The only polls that we need to be looking at now (IMO) is his handling of the economy and approval rating. Neither of which he scores terribly well. And, at the end of the day there is only one 'poll' that counts.

[mjs020294]

In all fairness the US economy has been on the wrong path for thirty years.  The decade before Obama came to office pretty much screwed us over for the short term.  You can't run an economy with consumer lead borrowing for more than one or two cycles.  The US economy doesn't really produce a lot of worth, we buy cheap crap from china, and spend more than we ear....great plan for success if you ask me.

[jbear]

If the two party system wasn't effing us up so bad, someone like Ron Paul might actually have a chance.  Problem is the christian right controls the R's even though many feel the true focus of Republicans should be fiscal conservatisim, the churches also feel the R's are the only way to be sure nobody does anything they don't like.  The whole system is screwed because of it. 

[Morgan]

DOW takes major plunge Thursday on fears of another recession

Recognize what it does and doesn't measure. The Dow really only measures one thing: the collective health of the 30 companies in the index. There is often a correlation between the Dow and the state of the U.S. economy. After all, if the economy is booming, these market-leading companies will be, too. But the economy is vastly larger than these 30 companies, and the Dow does not take into account the thousands of other publicly traded companies, as well as the millions of small, privately held businesses.

Read more: How to Understand the Dow Jones Index | eHow.com http://www.ehow.com/how_5655838_understand-dow-jones-index.html#ixzz1UEaBiRvs

[Fitz66]

Now that the teabaggers et al have put in their two cents, there's no longer a single person at the wheel...
BTW, see the latest Rasmussen poll about your president?

Most voters think President Obama has a good shot at being reelected next year, even if he continues to pursue tax increases as part of any future deficit reduction plan.

Fifty-four percent (54%) of Likely U.S. Voters feel the president is at least somewhat likely to be reelected in 2012. A new Rasmussen Reports national telephone survey finds that 40% disagree and think the president’s reelection is unlikely.

http://www.rasmussenreports.com/public_content/politics/obama_administration/august_2011/54_think_obama_s_reelection_at_least_somewhat_likely

Mr Foodstamp will be downright toxic come election time.  Unemployment, debt, gas prices, companies hoarding cash out of fear of the government - this guy is a joke.  Sad that our country was fooled by a smooth talker. 

[Morgan]

You don't have to worry. I'm pretty sure your job at McDonalds is pretty secure, no matter what the DOW does, unless you get **CENSORED**-canned from your job for being rude to the customers.