Title Oct. 9th , Financial Pearl Harbor published to writefree.
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- a day that will live in financial infamy
Fear turned into panic on Wall Street today as sellers indiscriminately dumped shares and potential buyers stood frozen like deer in the headlights.
Exactly one year after it hit its all-time high, the Dow Jones industrial average posted its seventh-straight loss, tumbling 678.91 points, or 7.3 percent, to close at 8,579.19. Since October began, it has fallen almost 21 percent.
Investors seem to be losing faith in the ability of the world's governments and central banks to unfreeze the credit markets and prevent a severe recession.
Also roiling the markets: The Securities and Exchange Commission today lifted its temporary ban on short-selling in almost 1,000 mostly financial companies. Short sellers, who bet against stocks they think will fall, have been blamed for contributing to the stock market collapse.
Today, however, investors abandoned stocks in all industries. Only 12 of the 500 stocks in the S&P 500 index eked out a gain.
Even IBM, which reported third-quarter earnings that were better than expected and reaffirmed its outlook for the fourth quarter, saw its shares fall 1.7 percent. Much of the selling is believed to be coming from hedge funds and, to a lesser extent, mutual funds that need to sell stocks to pay off investors who want their money out. These funds are selling "whatever they can," says Stewart Pillette of Pillette Investment Management. Big, blue-chips stocks are often easier to sell than smaller ones, so they are getting jettisoned to raise cash. Coincidentally, today also marked the six-year anniversary of the end of the last bear market.
During that bear market, which ended Oct. 9, 2002, the Dow fell 38 percent, the S&P 500 lost almost 50 percent and the Nasdaq composite tumbled 78 percent. Since the current bear market started a year ago, the Dow has lost 39 percent, the S&P is off 42 percent and the Nasdaq is down 41 percent. All three indexes, however, are still above where they were when the last bear market ended. After treading in positive turf for part of the session, the Nasdaq Composite Index (RIXF) lapsed into the red, ending down 95.21 points at 1,645.12. Volume on the New York Stock Exchange topped 2 billion, and declining stocks outran those advancing 10 to 1. On the Nasdaq, nearly 1.4 billion shares traded, with decliners surpassing advancers nearly 5 to 1. In commodities trade, gold fell, with the contract for December delivery dropping $20 to end at $886.50 an ounce on the New York Mercantile Exchange. .
Oil futures for November delivery fell $2.36 to $86.59 a barrel, its lowest closing level so far this year.
Rate cuts The stock market's continued decline comes one day after the U.S. Federal Reserve, European Central Bank, Bank of England and other central banks made coordinated rate cuts. The moves seemed to make little impact on Wednesday with the Dow industrials dropping 189 points, the Nasdaq Composite falling 14 points and the S&P 500 shedding 11 points. "Despite the poor close, I do think we are finally at the point where the short-term downside risk is minimal. While the upside might take time to develop, recession, earnings and a credit crisis are discounted," said Marc Pado, U.S. market strategist at Miller Tabak. "The market could still go down another 10% or so from here just purely on momentum," according to Paul Nolte, director of investments at Hinsdale Associates. Hear Nolte.
According to a report, the Treasury Department is considering a plan to take ownership stakes in many U.S. banks, both healthy and troubled, the New York Times reported, citing unnamed government officials. Treasury Secretary Henry Paulson said in a speech Wednesday that he has the authority to do so under the $700 billion bailout plan. Britain on Wednesday announced a similar plan, though no U.K. bank as yet has taken government cash. "If Paulson heeds the advice of [U.K. Prime Minister Gordon] Brown and [ Chancellor Alistair] Darling, the chances that the U.S. economy will be steered away from a deep recession extending through 2009 will be greatly improved," said economists at RDQ Economics. In a related note, the Fed late Wednesday said it's going to lend $37.8 billion in additional cash to American International Group Inc. (AIG) for domestic life insurance subsidiaries in return for investment grade fixed-income securities. Stock futures had held an early advance after the Labor Department reported a decline in weekly jobless claims, which fell by 20,000 to 478,000 last week. . Overseas, Iceland nationalized its largest bank, Kaupthing, as a financial crisis deepened, meaning all three of its key banks are now under government control. In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.
Obama’s Impending Pearl Harbor : NO QUARTER
Obama’s Impending Pearl Harbor. By Larry Johnson close Author: Larry Johnson Name: Larry Johnson Email: larry_johnson@earthlink.net Site: http://NoQuarterUSA.net
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Pearl City Jobs (HI) | SimplyHired
Pearl City is located along the north shore of Pearl Harbor ... In USD as of Oct 7, 2008 ... Less than 9th grade: 6% 9th to 12th grade, no diploma: 7%
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Ain't It Cool News: The best in movie, TV, DVD, and comic book news.
... own credibility, stop comparing Pearl Harbor, Episode II or anything else to Titanic on a financial ... by query: May 9th, 2001 01:09:54 AM ... DVD Picks & Peeks - 1st week of Oct ...
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Oct 2, 5:44 PM EDT
... protracted economic downturn washed over the financial ... That would be the ninth straight month that the economy ... said the U.S. has been hit with an "economic Pearl Harbor," and ...
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National, Regional Retirement Experts Highlight Oct. 1-3 Myrtle Beach ...
... Association will host its 9th Annual Business Conference on Oct. 1 -3 ... on fears of US-led slowdown AP; Financial ... Crisis is 'an economic Pearl Harbor' Charlie Rose - Thu Oct 2, 9:11 ...
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October September August July June May April March February January ...
9-Oct-2008 ... Didn’t think so. Prospect Park Bandshell , 9th St. (at Prospect Park West), 718 ... which occurred last night at The Someday Lounge in the hipster enclave, The Pearl ...
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Source: Nypress.com
NewsDateTime: 13 hours ago
Obama About to Be Hit on Questionable Associates
Rezko's sentencing is scheduled for Oct. 28. The conservative Judicial Confirmation Network is running a TV ad tying Obama ... He chose as one of his first financial backers a slumlord now convicted on 16 counts of corruption. Obama chose as an associate ...
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Source: ABC News Blogs
NewsDateTime: 10/4/2008
RFID Anti-Skimming Laws Approved
... on $30,000 bail in Canada where he was arrested last month on suspicion of hacking into computers belonging to a financial ... In a U.S. 9th Circuit precedent, the court regarded both read and unread e-mail, or received and unreceived e-mail, as ...
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Source: Wired
NewsDateTime: 10/3/2008
Public comment sought on city rate increase
He also intends to disseminate an annual financial statement to the public to show exactly what the financial ... During WWII he was called to active duty after Pearl Harbor and captained a couple minesweepers including the SS Strategy ...
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Source: Modoc County Record
NewsDateTime: 8/28/2008
Book: 911 Commission Executive Director Had Closer White House Ties ...
... he had with Zelikow in Charlottesville, Virginia, on Oct ... The PNAC Plan for a New Pearl Harbor became reality. All subsequent ... the World Trade Center during the week of September 9th. Other warnings, such as massive insider trading on financial ...
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Source: Common Dreams
NewsDateTime: 8/21/2008
In Russia, equities rebounded after tumbling earlier in the week, with oil and gas shares leading the rally and forcing Moscow's stock exchanges to suspend trading once again. A stock rally in London proved short lived, with the FTSE 100 index falling 1.2%. . In Asia, markets ended mixed after a volatile session.
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