Markets Dive On Big Sell-Off
Wall Street closed the first trading day of this week moments ago with a big sell-off, as the Dow Jones experienced its biggest one-day loss since July 2, erasing all of August's gains.
The Dow closed down nearly 2 percent, the broader S&P 500 closed off 2 percent and the Nasdaq closed down 3 percent.
The markets never managed to rally today, as traders took their profits. But not everyone was upset about the big one-day dive: The markets have roared up more than 40 percent since their early March bottom and traders were hoping for a day like today (and Friday) to let some of the steam off of the rally. Bulls remain on the sidelines ready to buy when the markets find their floor, traders say.
-- Frank Ahrens
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By
Frank Ahrens
|
August 17, 2009; 4:03 PM ET
Categories:
The Ticker
| Tags: Dow Jones, nasdaq, s&p 500
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Posted by: Bitter_Bill | August 17, 2009 4:25 PM | Report abuse
I second Bitter_Bill's comment.
Articles such as this one are part and parcel of the hype and hysteria fomented every breathless minute by the financial media. It was the same on CNBC and WTOP and elsewhere -- markets "plunged" and "plummeted."
Gosh, wonder why consumers can't seem to shake their worries....
Posted by: CallMeLiberal | August 17, 2009 5:07 PM | Report abuse
Things are looking up this morning WPO. Could always look better. My heart is hanging by a thread, doc says I should be dead and I'm writing a suicide note on a twenty dollar bill here. Life's been good tho. I'll pay you at another time. Gotta run!
Posted by: Dermitt | August 19, 2009 10:53 AM | Report abuse
The comments to this entry are closed.
Two percent is not a dive. It is a drop.