Monday, September 29, 2008

Dow Drops 777 Points; Largest Point Drop in History

Image from source, AOL News

It's admittedly hard to write this blog, when the biggest stories of the day are in an area I simply cannot speak authoritatively about. I've written a few times already, that I just don't get Wall Street, and all that it entails. And I'd be a bad broker if I did understand it, because the roller coaster ride of the Dow Jones Industrial Average gives me heartburn anyway.

Today's stock market ride was kind of like watching someone spike your bid on eBay. After seemingly being headed back up after a dive, at about one minute until closing bell, the bottom dropped out. I have a stock ticker on my desktop, and when refreshing it every 20 or 30 seconds, it went down each time. And after 1:00 pm Pacific time, it still kept dropping, from the six hundreds to the low seven hundreds, all the way down to minus 777. That's a lot, right? And how does it keep dropping after the market has supposedly closed? Maybe I don't want to know how all of this works.

Oh, and the headline below is rounding to the nearest fraction, but 777 is the number being used most.


Bailout Vote Sacks Dow by Record 778

The failure of the bailout package in Congress triggered a historic selloff on Wall Street - including a terrifying decline of nearly 500 points in mere minutes as the vote took place, the closest thing to panic the stock market has seen in years. . .

Read more at: AOL News

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