Dow closes down about 680 points (plunge is fourth worst daily drop in history)

[Pale Blue Dot]

Source: MSNBC

NEW YORK - The stock market plunged again, diving along with investors’ confidence in the economy.

According to preliminary calculations, the Dow Jones industrials closed the day down 681.07 points, or 7.71 percent at the 8,147.97.

Broader market indicators also plummeted. The Standard & Poor's 500 index dropped 80.05, or 8.93 percent, to 816.19, while the Nasdaq composite index fell 137.50, or 8.95percent, to 1,398.07.

Confirmation that the nation is in a recession and reports of only a modest gain in holiday shopping sales have prompted many investors to resume selling after the market’s five-session advance.

Late-session comments by Treasury Secretary Henry Paulson that the economic downturn is “significant” but manageable likely added to the market’s gloom, as did more downbeat data about manufacturing and construction.R

Read more: http://www.msnbc.msn.com/id/3683270/

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Remember that "bounce" last week when Obama announced his economic team? It's almost all gone already.

[Parche]

1. Obama's Economy?>

:sarcasm: :sarcasm: :hi:

[edbermac]

2. And Hillary being named SoS today.

:sarcasm: :sarcasm:
:sarcasm: :sarcasm:
:hi:

[natrat]

3. paulson's speach reenforced my feeling that this whole thing is orchestrated

[mopinko]

8. you and me both

what is easier for the banks to manage than a credit freeze? we gave them money, and they didn't lend it. iow, we are freezing the money for our own reasons. has nothing to do with supply and demand.
the invisible hand is quite visible to me.

[IthinkThereforeIAM]

10. Sure it is...

... they looted the US Treasury with no bid contracts, bailouts, etc and stocks plunge as they make their way out, so they can buy them up on the cheap. I can't believe I haven't seen anyone point out something so obvious. Buy low and sell high.

[YDogg]

4. But bush is "sorry."

[Mira]

7. and vaguely blames Clinton

[ksimons]

5. what I wanna know is - how they couldn't say we were in recession until a year later?

aren't these folks supposed to be running and tracking the country - as their JOB?

it sounds like they were specifically hiding facts from the American people (surprise) and that they have known this was happening for a long time. fraud at any level should be pursued, and this sounds like fraud to me.

[xchrom]

6. gasp -- bushco hiding facts?!?! nt

[L. Coyote]

11. until after the election.

[bemildred]

9. The function of "experts" is NOT to keep you well informed. nt

[Psephos]

12. BoLS is nonpolitical, and staffed by career civil servants, not appointees

The theory doesn't hold up to the facts.

These guys have been doing this for more than 75 years, independent of which party is in power. If you're interested in why it takes a while to figure these things out, I suggest you peruse the BoLS website.

http://www.bls.gov/

or at least take a read on wiki:

http://en.wikipedia.org/wiki/Bureau_of_Labor_Statistics

[brentspeak]

13. Thank God it passed!

:sarcasm: