Saturday, September 29, 2012

4 Years Ago Today: Dow Drops 777; Largest Drop Ever

Four years ago, this was the point in John McCain's campaign that the writing was on the wall. Given his comments on the economy, the massive nosedive of the stock market just didn't fit with his narrative, and he kept making it worse. But on the day this happened, I wasn't really putting it in that context. I was just blown away by the spectacle. So much so that I used a fairly bad graphic--but then, it was from the source, so I guess they did too? It should have been a jagged stab downward. . .

ORIGINAL POST: September 29, 2008

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.
Image from source, AOL News

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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