[Breaking News] Stocks close at lowest point since '97

[Breaking News] Stocks close at lowest point since '97

money.cnn.com

NEW YORK (CNNMoney.com) -- The Dow and S&P 500 tumbled to levels not seen in nearly 12 years Monday, as investors continue to worry that the government's efforts to slow the recession won't be sufficient.

The Dow Jones industrial average (INDU) lost 250 points, or 3.4%, according to early tallies., ending at the lowest point since May 7, 1997.

The S&P 500 (SPX) index lost 26 points, or 3.5%, ending at the lowest point since April 11, 1997.

The Nasdaq composite (COMP) lost 53 points, or 3.7%. The tech-fueled index has held up better than the rest of the market so far this year, closing at the lowest points since Nov. 20, 2008.

(visit the link for the full news article)

The markets have really been going down here lately, I think things are really gonna start hitting home with alot of Americans when April comes around. The stocks predict and anticipate how the market is gonna be in the forseeable future and they have been hit hard recently, so it's fair to say that here in the next several weeks things are probably going to start snowballing out of control even more.

Edit to add current stock levels:

Dow Jones Industrial Average: 7,114.78
Nasdaq: 1,387.72
S&P: 743.33




money.cnn.com
(visit the link for the full news article)

[edit on 2/23/2009 by Uniceft17]

[edit on 2/23/2009 by Uniceft17]

[edit on 2/23/2009 by Uniceft17]

10$ says it'll be in the 6k range tomorrow.

Originally posted by xbranscombex
10$ says it'll be in the 6k range tomorrow.

I know right, it seems like everyday their is a breaking news article about the stocks being at a new low since "Insert date here". I'm getting so used to it.

As long as they're not saying "lowest level since 1937" i'm not gonna go insane yet.

When that happens though.....look out

reply to post by xbranscombex


Not that low, but lower than it is at today's close. The markets have no confidence in this administration or the congress. Until some details about the plans become available and Obama publishes his budget uncertainty will drive the market lower.

The latest, that he will drive this massive increase in spending and still better than halve the deficit in 4 years is folly. The only way to do that will be to raise taxes, income, capital gains, corporate massively. All that does is depress profits and as a result share price and drives the markets lower.

It will not get better until there is a plan that makes sense.

The other thing that will get folks worked up is that the very dudes many are railing about who have made a ton of money over the past 8 years and are placed at the center of blame for this mess are making a killing right now shorting the market and making bank on the incompetence of the government. I not saying that they were not a part of the problem, they were. But do the math and see what a $1m short sale on the S&P placed 10 days ago would have paid you.

Takes money to make money. These gents have money, despite the fact that they lost a ton. A lot of them are making that back and more as this market tanks.

Originally posted by Hypntick
As long as they're not saying "lowest level since 1937" i'm not gonna go insane yet.

When that happens though.....look out

That is an apples to oranges comparison. You would need to study the difference in our economies between those times. I am quite tired of people talking about the depression and the economy back then. I understand the desire to but it is not accurate. We had a much better manufacturing infrastructure back then and a plan to get out without the deficit we have today.

Caught this mentioned on news.com.au a few minutes ago:

www.news.com.au...

Seems every low is a new low. They say this is the lowest in 12 years, but given how frail the system is, how much money has been pumped into it, and how many countries teeter on the brink of economic collapse, every 'low' like this one today is like another punch in the guts.

Already are talks that the Obama administration will come out and will have not other choice but the nationalization of the banks.

The AIG is completely insolvent and so the citigroup, Bank of America is hanging in there and as for JPMorgan they as not been a bank are in better shape than the rest.

Now another tidbit, because the US will need more money to borrow in order to bail out the banks once again, Is very good reason to believe that the Obama administration is planning to tax every thing!!!!!!!!!!!!!!!!!

THIS ARE RUMORS STILL BUT WE MAY HEAR AN ANNOUNCEMENT SOON

They will tax accounts, capital gains you name it this is going to deep the nation into more desperation, unemployment and depleted retirement accounts.

Our government is not a very good economist at all and the financial crisis so far in their hands is turning worst no better.

[edit on 23-2-2009 by marg6043]

reply to post by dolphinfan


You seem pretty informed about the stock markets. Do you think it will get to the point to where they would just tear down our whole financial system and rebuild it, start over.

Just a complete sweeping change of the worlds financial system is what I think we need, and it needs to be well thought out and not implemented hastily.

This is very interesting. We've seen the Dow plunge from about 14,000 to around 7,000.

Yet, the big stock brokers recommend that you stay in. Why? I bailed when the Dow was around 13,500. If I'd taken the advice of my brokerage house, my stocks would be worth less than 1/2 of what they were.

So, I think that I'll be on the sidelines for a while yet.

At some point, I'll jump back in but I'm not feeling that urge yet.

I'm waiting for a true bottom and we haven't visited that region yet.

Spot on. The problem with taxes is that they destroy the fabric of a society when the entity which spends the tax receipts is incompetent. All raising taxes in this environment will do is increase the apathy folks have towards their personal situation and get folks to hunker down. When you are in a situation where by getting a raise causes you to take home less money due to being placed in a higher bracket, you don't want the raise - may even turn down the promotion.

I have a perscription on how to balance the budget quickly. Shut down 2/3 of the US government. Department of Education, Department of Arigriculture, Health and Human Services, Energy (move what is valuable to the DOD), Department of the Interior and probably a few others.

Tell the folks to just go home. - tomorrow. Pay them their current salarys for two years with full benefits and have them go out and find some work that adds value to the economy. Liquidate all assets, selling them inside or outside the US. Sell the buildings and facilities as well. Kibosh the lot, but protect the folks for two years - if they get another job, they still get paid for two years. In five years, this system is turned around and we might be able to actually solve problems.

I'm sure it's only due to 'short term market uncertainty' -

[atsimg]http://files.abovetopsecret.com/images/member/de3122717b75.jpg[/atsimg]

reply to post by visible_villain

New Zealand
NZX 50 FF GROSS INDEX 2,486.23 -52.05 -2.05% 17:31
NZX TOP 10 INDEX 737.97 -16.55 -2.19% 17:30
NZX 15 GROSS INDEX 4,628.74 -94.35 -2.00% 17:30
NZX ALL INDEX 634.22 -9.32 -1.45% 17:19

and it continues...lower...
yeah...short term...uh huh...

For one thing this has already hit home! We are stationed in K.S and it is beyond a mess here.
Already they are working on raising taxes on just about everything they can think of. And this is going to do nothing but break the family's that are just hanging on . On top of this , the state has one of the highest tax of any state in the Union.
As we are seeing in the news here K.S is as bad off as the left coast!
It looks like all road work has stopped and the equipment is just setting by the roads. Wow what a mess.

State workers are have issues. I would have to read on this to say what. But by the news they are not happy.

And it is not going to get better anytime soon!

reply to post by Daedalu


I feel for ya Bro...
This is how these things work...if yer gonna get the average joe, ya get him coming and going...use his present/past taxes to fill yer pockets...impose new taxes to get the future cash also...see how that works...for them...

Originally posted by dolphinfan
reply to post by xbranscombex

 

The other thing that will get folks worked up is that the very dudes many are railing about who have made a ton of money over the past 8 years and are placed at the center of blame for this mess are making a killing right now shorting the market and making bank on the incompetence of the government. I not saying that they were not a part of the problem, they were. But do the math and see what a $1m short sale on the S&P placed 10 days ago would have paid you.

Shorting should be illegal. It should never be possible to make money via destruction, as it is far easier to make a company go down than it is to make it go up. Same with war profiteering.

reply to post by visible_villain


The markets have been going down steadily since the end of September. I wouldn't exactly call that short-term.

Originally posted by visible_villain
I'm sure it's only due to 'short term market uncertainty'

Since September 15 2008, market uncertainty is the new certainty - it's definitely a 'must-have' this season. Good thing there's plenty to go 'round.

Some news broke about AIG posting a $60Billion Quarterly Loss, and will probably need to hit the government up for another couple of hundred billion to remain solvent.

Anyway, economy and markets are still swirling the bowl.