Dow closes down 633 points after final plunge

by Guest Mon Aug 08, 2011 5:16 pm

The Dow Jones industrial average finished the day down 633 points Monday after a full-day sell-off accelerated in the final hour of trading as investors struggled to absorb Standard & Poor's decision to downgrade the United States' credit rating.

Investors piled out of stocks and into a few "safe havens," such as gold and Treasury bonds. The appetite for Treasury bonds suggests that the Standard & Poor's downgrade has not shaken investors' faith in U.S. bonds.

Market experts said the Monday sell-off was sparked by the S&P announcement but was motivated more by growing concerns about the weakness of the global economy.

"It’s really all about economics," said Mike Norman, the chief financial strategist at John Thomas Financial.

The Dow ended the day down 633.17 points, or 5.5%, at 10811.44. The broader Standard & Poor's 500 index fell even more sharply, finishing the day down 79.83 points, or 6.6%, at 1119.55.

http://latimesblogs.latimes.com/money_co/

by mistermunster Mon Aug 08, 2011 5:25 pm

Thank you GOPeeeers. Your evil deeds worked and has SCARED the hell out of the world economy. All so you can get the Black President at ANY cost.

by JoanB Mon Aug 08, 2011 6:17 pm

Wow. Was scared to death to look at the market today, yet couldn't stop myself from watching. Not that I have any real stake in it except that when it's down, they sure make us share the pain.

Funny though, how when the market's up, we never seem to share in that.

by Guest Mon Aug 08, 2011 7:25 pm

mistermunster wrote:Thank you GOPeeeers. Your evil deeds worked and has SCARED the hell out of the world economy. All so you can get the Black President at ANY cost.

And, sadly, the Tea Party and the Republicans seem to only care about that. I would hate to be in their offices and homes this evening. I think people have really had enough.

It will be a great thing to watch the Wisconsin recall election tomorrow, this should give us all a good look at what Americans are looking for and what they will put up with. Hopefully, it will SCARE a few Tea Partiers and Republicans into thinking like an Americans.

by JoanB Mon Aug 08, 2011 11:30 pm

You better believe I'll be glued to the Internet stream tomorrow trying to find out how Wisconsin is going--course you never hear anything definitive until the polls have closed, but people like us just can't wait don't cha get it.

A win there would be so sweet--at least put a twist in their knickers if they thought this was gonna be their prototype for 1012.

by Guest Mon Aug 08, 2011 11:36 pm

I wish I could send a vote. I think that the momentum is swinging toward the Dem's. Hoing so. Progressive Caucus needs a big win to start getting people on board with their agenda of Jobs.

by JoanB Tue Aug 09, 2011 1:18 am

Yeah, and since their side has absolutely no problem with cheating in any way that they can think of, our side had to work doubly hard at these elections just to get a modest win.

by Hunterforjobs Tue Aug 09, 2011 10:46 am

Actually, I think this is a good thing. Its what caused the big mess in the first place back in '08 so now its undoing what was done. It'll drop again a couple more times. Maybe.