BREAKING: MASSIVE SELL OFF ON WALL STREET

REUTERS/Brendan McDermid

So far today, the Dow has lost over 1,000 points. The Dow has never lost over 800 points in one day….

 REUTERS/Brendan McDermid
REUTERS/Brendan McDermid

Hmmm… I wonder where Obama will be golfing today?

An enormous shudder swept through Wall Street early Monday as the Dow Jones industrial average cratered more than 1,000 points, or about 6.2 percent, in early trading on Monday — before leveling off at a decline of 700 points, or 4.2 percent, as fears of a global economic slowdown once again spooked US investors.

Market moves in early trading were massive and erratic — with the Dow bouncing between declines of 500 points and 1,050 points. Volume was massive.

The huge Dow sell-off follows an 8.5 percent decline in Asia markets. In Europe, markets were down as much as 6 percent.
While the stock sell-off was eye-opening, it was nothing close to a record. On Black Monday — Oct. 19, 1987 — the Dow fell 22.6 percent.

On Monday, the huge decline brought down plenty of blue-chip stocks. General Electric fell 6 percent, Apple shares declined 4.7 percent and DuPont slipped 6.2 percent. Netflix shares were down 10 percent.

With the fear of a global economic slowdown, oil fell to $38.29 a barrel, its lowest level since February 2009.

Much of the money exiting stocks appeared to be flowing into bonds. The yield on the 10-year Treasury fell below 2 percent.

Via: NY Post


Join The Conversation: Leave a Comment