Tuesday, July 15, 2008

Dow closed below 11,000 first time since July 2006.

The headline really says it all. From The Los Angeles Times:

NEW YORK -- Wall Street ended a whipsaw day mostly lower, as fears of escalating instability in the financial sector kept investors on edge despite a steep retreat in oil. The Dow Jones industrials today had their first close below 11,000 since July 2006.


The Dow fell 92.65, or 0.84 percent, to 10,962.54. It was the blue chips' lowest close since July 21, 2006; the high price of oil is one of the major reasons the Dow has been trading at nearly two-year lows.

Broader stock indicators ended mixed. The Standard & Poor's 500 index fell 13.39, or 1.09 percent, to 1,214.91, while the Nasdaq composite index rose 2.84, or 0.13 percent, to 2,215.71.

And to think that there were speculating clowns predicting that the Dow would rise to 20,000, 30,000, or even 40,000. Are we going to see these same speculating clowns predicting that the Dow will drop below 10,000?

Or shall we go lower?


Poetic Painter said...

I'm just trying to be optimistic.

Eric A Hopp said...

Hello Poetic Painter:

And thank you for your comment. I would like to try to be optimistic, however it is getting harder to remain optimistic when confronted with the serious problems this country now faces--rising food and gas prices, the mounting debt, the mortgage crash taking down Fannie Mae and Freddie Mac, the slowing economy, rising unemployment and job loss worries, the Iraq war and its continued drain on the U.S. Treasury, inflation worries, and finally stagflation. All these problems we're facing were the result of the Bush administration's incompetence, screw-ups, and failures. I fear that this country will come completely apart if John McCain is elected into the White House under a third Bush term. But I'm looking at the situation, and even I realize that the worst has yet to come.

But I'll try to be optimistic.