Network News

X My Profile
View More Activity
2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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
Sign up to get The Ticker on Twitter

By Frank Ahrens  |  August 17, 2009; 4:03 PM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   Del.icio.us   StumbleUpon   Technorati   Google Buzz   Previous: Home Builder Sentiment Ticks Up in August on Surge in Expectations
Next: Home Depot Earnings Beat Expectations

Comments

Two percent is not a dive. It is a drop.

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.

 
 
RSS Feed
Subscribe to The Post

© 2010 The Washington Post Company