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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Dive Toward Closing

With about 30 minutes to go before the day's close of trading, Wall Street has been unable to pull itself up above water and is, in fact, continuing to sink.

The Dow is trading down about 320 points, off more than 3 percent.

The Nasdaq is down more than 4 percent and the S&P 500 is off nearly 4 percent.

Some analysts think the markets will rebound if the House follows the Senate's lead from yesterday and approves the $700 billion Wall Street rescue bill.

But others say no. Now that the artificial market surges of recent days -- fueled by the euphoria of a pending bailout package -- have calmed, the markets are trading on the underlying fundamentals of the economy, which aren't so bright.

Sour unemployment and factory orders reports came out today. CBNC's Rick Santelli noted that gold, oil and stocks all are down, saying that the Street has moved past the bailout plan -- convinced that one is coming -- and is now worried about coming corporate quarterly earnings.

-- Frank Ahrens

By Frank Ahrens  |  October 2, 2008; 3:38 PM ET
Categories:  The Ticker  
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Comments

This thing is going global. It's not even just the US-- Think about Trichet's comments about rate cuts, the Euro's one year low, the Treasury Rates. It doesn't matter what the govt bill does-- this is going to be a long hard recovery.
Here's an article about global sentiment:
http://www.greenfaucet.com/the-market/global-thoughts-on-the-us/58700

Posted by: Jeff | October 2, 1908 4:09 PM | Report abuse

Man they ban shorting of financials. Now tech looks like the target of the shorties.

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Posted by: Anonymous | October 2, 1908 4:23 PM | Report abuse

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