Well, those whacky folks on Wall Street had another bad day, with the Dow as much as 800 points down at one point, and the close below 10,000. Here’s the AP version:
NEW YORK — Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points – their largest one-day point drop – before recovering to close with a loss of 370. The catalyst for the selling, which also took the Dow below 10,000 for the first time in four years, was investors’ growing despair that the spreading credit crisis will take a heavy toll around the world.
Investors have come to the realization that the Bush administration’s $700 billion rescue plan and steps taken by other governments won’t work quickly to unfreeze the credit markets.
That sent stocks spiraling downward in the U.S., Europe and Asia, and drove investors to sink money into the relative safety of U.S. government debt. Fears about a global recession also caused oil to drop below $90 a barrel….
Guess we can’t blame this one on Gresham Barrett and the other naysayers on the rescue plan, huh?
Everyone seems to be settling in for a long, tough time, regardless of what Washington does or doesn’t do.
We’re used to business not being good in the newspaper biz. Looks like a lot of other folks are going to be joining us, which I assure you gives me no joy.
Harris Pastides spoke to Rotary today and talked about the budget cutbacks he’s had to do since he became USC president two months back. He noted that more cuts are coming unless retailers have a bang-up Christmas season, which he indicated he doubted would happen — and no one in that room full of business types offered to disagree with him.