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?

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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.

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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


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