- Location
- MilkyWay Galaxy
Gas hit 3.09 here yesterday!
-
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And so the blood bath begins
- Thread starter Ecomike
- Start date
Gas hit 3.09 here yesterday!
RichP
NAXJA Forum User
- Location
- Effort, Pa
$2.97 in NJ, cash not plastic. I'm heading down tomorrow for a job interview and will be packing a bunch of blitz cans, will save me over $4.60 for every 10 gallons by getting it there. Be able to fill up all 3 jeeps and have a few gallons in reserve. It's still almost $3.59 up here in the pokes.
- Location
- MilkyWay Galaxy
And so the blood bath continues....
http://enews.earthlink.net/article/top?guid=20081009/48ed81c0_3ca6_15526200810091805258597
"
NEW YORK - A runaway train of a sell-off turned the anniversary of the stock market peak into one of the darkest days in Wall Street history Thursday, driving the Dow Jones industrials down a breathtaking 679 points and deepening a financial crisis that has defied all efforts to stop it.
Stocks lost more than 7 percent, $872 billion of investments evaporated, and the Dow fell to 8,579. When the average crashed through the 9,000 level for the first time in five years in the final hour of trading, sellers had only begun to hit the gas pedal.
<a href="http://ad.doubleclick.net/jump/news.earthlink.dart/news_300x250_top;abr=!ie;sz=300x250;ptile=5;ord=90892638?"><img style="float:right;margin-left:5px" src="http://ad.doubleclick.net/ad/news.earthlink.dart/news_300x250_top;abr=!ie;sz=300x250;ptile=5;ord=90892638?" border=0 height="250" width="300"></a> As bad as the day was, even worse was the cumulative effect of a historic run of declines: The Dow suffered a triple-digit loss for the sixth day in a row, a first, and the average dropped for the seventh day in a row, a losing streak not seen since 2002.
"Right now the market is just panicked," said David Wyss, chief economist at Standard & Poor's in New York. "Nobody wants to take on any risk. Everybody just wants to get their money and put it under the mattress."
It all took place one year to the day after the Dow closed at its record high of 14,164. Since that day, frozen credit, record foreclosures, cascading job losses and outright fear have seized the market and sapped 39 percent of its value.
Paper losses for the year add up to an staggering $8.3 trillion, according to figures measured by the Dow Jones Wilshire 5000 Composite Index, which tracks 5,000 U.S.-based companies representing almost all stocks traded in America.
It was the second straight day that Wall Street was rocked by a final-hour sell-off, but this one was particularly shocking."
"
"It was an ugly day, there's no ways to put it," said another customer, Alan Valdes, director of floor operations for Hallard, Lyons. "Guys were frustrated, just fed up. ... We're in an area no one has been in since 1930."
Wall Street has been teetering on the brink of panic for a month now, vulnerable to any bad news. Thursday's sell-off was triggered when a major credit rating agency put General Motors Corp. and its finance affiliate under review to determine whether it should be downgraded.
Stock in GM, one of the 30 components of the Dow Jones industrials, lost 31 percent of its value and closed at $4.76 - its lowest in more than half a century, since the Korean War began.
For the Dow, it has been nothing short of a free fall:
-The average is down 2,338 points, or 21 percent, in the last four weeks, since the Lehman Brothers bankruptcy escalated a long-running credit crunch into a full-fledged crisis.
-The point decline Thursday was the third-worst in Dow history. The worst, 778 points, came less than two weeks ago.
-Of the last 19 trading days, there have been 11 triple-digit losses - including the unprecedented six straight. The six gains have all been triple-digits, and only one of them was enough to make up the losses of the day before.
-The Dow now stands only about 1,300 points above its lowest close of the bear market that followed 9/11. In a market as volatile as this, that gap can be closed in a couple of trading days, or less."
"Adding to Wall Street's nervousness, a ban on short selling - a process in which investors borrow shares of stock and essentially bet the value will fall - expired."
http://enews.earthlink.net/article/top?guid=20081009/48ed81c0_3ca6_15526200810091805258597
"
NEW YORK - A runaway train of a sell-off turned the anniversary of the stock market peak into one of the darkest days in Wall Street history Thursday, driving the Dow Jones industrials down a breathtaking 679 points and deepening a financial crisis that has defied all efforts to stop it.
Stocks lost more than 7 percent, $872 billion of investments evaporated, and the Dow fell to 8,579. When the average crashed through the 9,000 level for the first time in five years in the final hour of trading, sellers had only begun to hit the gas pedal.
<a href="http://ad.doubleclick.net/jump/news.earthlink.dart/news_300x250_top;abr=!ie;sz=300x250;ptile=5;ord=90892638?"><img style="float:right;margin-left:5px" src="http://ad.doubleclick.net/ad/news.earthlink.dart/news_300x250_top;abr=!ie;sz=300x250;ptile=5;ord=90892638?" border=0 height="250" width="300"></a> As bad as the day was, even worse was the cumulative effect of a historic run of declines: The Dow suffered a triple-digit loss for the sixth day in a row, a first, and the average dropped for the seventh day in a row, a losing streak not seen since 2002.
"Right now the market is just panicked," said David Wyss, chief economist at Standard & Poor's in New York. "Nobody wants to take on any risk. Everybody just wants to get their money and put it under the mattress."
It all took place one year to the day after the Dow closed at its record high of 14,164. Since that day, frozen credit, record foreclosures, cascading job losses and outright fear have seized the market and sapped 39 percent of its value.
Paper losses for the year add up to an staggering $8.3 trillion, according to figures measured by the Dow Jones Wilshire 5000 Composite Index, which tracks 5,000 U.S.-based companies representing almost all stocks traded in America.
It was the second straight day that Wall Street was rocked by a final-hour sell-off, but this one was particularly shocking."
"
"It was an ugly day, there's no ways to put it," said another customer, Alan Valdes, director of floor operations for Hallard, Lyons. "Guys were frustrated, just fed up. ... We're in an area no one has been in since 1930."
Wall Street has been teetering on the brink of panic for a month now, vulnerable to any bad news. Thursday's sell-off was triggered when a major credit rating agency put General Motors Corp. and its finance affiliate under review to determine whether it should be downgraded.
Stock in GM, one of the 30 components of the Dow Jones industrials, lost 31 percent of its value and closed at $4.76 - its lowest in more than half a century, since the Korean War began.
For the Dow, it has been nothing short of a free fall:
-The average is down 2,338 points, or 21 percent, in the last four weeks, since the Lehman Brothers bankruptcy escalated a long-running credit crunch into a full-fledged crisis.
-The point decline Thursday was the third-worst in Dow history. The worst, 778 points, came less than two weeks ago.
-Of the last 19 trading days, there have been 11 triple-digit losses - including the unprecedented six straight. The six gains have all been triple-digits, and only one of them was enough to make up the losses of the day before.
-The Dow now stands only about 1,300 points above its lowest close of the bear market that followed 9/11. In a market as volatile as this, that gap can be closed in a couple of trading days, or less."
"Adding to Wall Street's nervousness, a ban on short selling - a process in which investors borrow shares of stock and essentially bet the value will fall - expired."
- Location
- MilkyWay Galaxy
For those of you who like roller coaster rides, the DJIA was up and down like a roller coaster today with over a 1000 point spread between the highs and lows. Dropped under 8000 at one point. Then shot up over 1000 points from the low mostly in the last 45 minutes, and then dropped back to a 7th day loss in a row.
Oil dropped again, by almost $9 to under $78!
Prices of Microsoft ( about a 12:1 P/E, with apx a 2.5% div yield) even ran up and down with a 10% price spread in just 1 hour.
Oil and gas stocks have been battered too.
Oil dropped again, by almost $9 to under $78!
Prices of Microsoft ( about a 12:1 P/E, with apx a 2.5% div yield) even ran up and down with a 10% price spread in just 1 hour.
Oil and gas stocks have been battered too.
- Location
- MilkyWay Galaxy
"SAN FRANCISCO (MarketWatch) -- You'd have to go back to the 1930s to find a worse week for U.S. stocks than this one, so why is one investment strategist breathing a bit easier?"
http://www.marketwatch.com/news/sto...spx?guid=4fc3d06c-84e1-47b4-a04a-53ada6d73ab8
http://www.marketwatch.com/news/sto...spx?guid=4fc3d06c-84e1-47b4-a04a-53ada6d73ab8
RichP
NAXJA Forum User
- Location
- Effort, Pa
It is really tempting to go pickup a hundred shares of MS stock.
- Location
- MilkyWay Galaxy
I agree, with all that cash they could buy some unreal deals right now. Rumors on Yahoo and Research in Motion deals are in the news already. Unfortunately the market seems to favor the stock bought over the stock sold at first.
The only other problem I see is MS looks like a mature dividend stock, not a growth stock the last 8 years, based on the historical stock price since 1999. I could be a good defensive stock based on dividend yield, if interest rates collapse like they did in the 1930s! That is assuming the company sales hold up.
- Location
- MilkyWay Galaxy
This could turn into a real blood bath!
"Wow, that is a must read for all of us! Best article I have read out of hundreds the last few weeks!
Heel it sounds like all the world wide international shipping is or has come to a complete standstill with perishables sitting and rotting on the docs!
JEEEESSSSSEEEEEAWIS!"
"Wow, that is a must read for all of us! Best article I have read out of hundreds the last few weeks!
Heel it sounds like all the world wide international shipping is or has come to a complete standstill with perishables sitting and rotting on the docs!
JEEEESSSSSEEEEEAWIS!"
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