So the market took a stunning turn today when the House of Representatives shocked Wall Street by not passing the $700 billion bailout. The result? A selloff the likes of which I’ve never seen. The Dow plunged 777.68 points. The S&P 500 responded with a decline of 107 points (~9%). The Nasdaq followed by dropping 199.61 points (-9.1%) and closing at a rock bottom 1,983.73 – a 52 week low. To put into perspective how fast it’s fallen, just about a month ago, the Nasdaq was over 2,400. Now it’s under 2,000. That’s a 17% decline in one month, roughly 20 trading days.
Many investors are fleeing the markets as bad news pours in, but hopefully, the market bounces back tomorrow. And despite my losses, I’m still an advocate for stocks. Maybe I’m just being bull-headed (pun intended*), but I know the market will recover in the long-term so stay tuned.
* I have to have a sense of humor in these trying times.
1 response so far ↓
1 tmxxcwlvjsu // Oct 28, 2008 at 5:04 pm
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