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

Wall Street Plunges at Opening

Wall Street plunged across the board at opening this morning, following a big Asian sell-off caused by last week's sour U.S. consumer news.

In the first 15 minutes of trading, the Dow is down 170 points, or about 1.8 percent.

The broader S&P 500 and the tech-heavy Nasdaq are both down more than 2 percent.

Compounding worries, Lowe's reported second-quarter earnings before the market opening that missed expectations, showing profits were down 19 percent, as homeowners put off improvements. Lowe's said store growth in 2010 will be lower than expected, and 2009 same-store sales will be down 7 to 9 percent.

-- Frank Ahrens
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By Frank Ahrens  |  August 17, 2009; 9:46 AM ET
Categories:  The Ticker  | Tags: Dow Jones, Lowe's, nasdaq, s&p 500  
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Comments

Shocking...the Dow is down.

No one I know thinks the economy is sound in any way, shape or form EXCEPT Wall Street and the government economists...they obviously aren't living in the world we live in.

Our last 20 years has been built on credit and living beyond our means...those days are over. There hasn't been any growth in this country in terms of true production for decades...we farm everything out.

I think the government is just so out of touch at this point, if things don't improve or they realize how bad it is, there are going to be some serious changes in DC.

Posted by: cavatellie | August 17, 2009 11:01 AM | Report abuse

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