Wall Street Off Sharply at Open

Well, so much for two days' optimism.

In the first half-hour of trading, the Dow is down more than 200 points, about 2 percent.

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

The markets appear to be reacting to last week's jobless claims, which reached seven-year highs.

Also, August factory orders fell by the largest amount in two years, a sign that the manufacturing sector is feeling the credit crunch. Orders fell by 4 percent in August, a far worse showing than the expected 2.5 percent decline. The weakest sectors were aircraft and auto orders, down 38 percent and 10.6 percent, respectively.


-- Frank Ahrens

October 2, 2008; 10:13 AM ET  | Category:  business
Previous: Wall Street Gets Two Days' Optimism | Next: Sallie Mae: All Is Well, Really

Comments

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"The markets appear to be reacting to last week's jobless claims, which reached seven-year highs."

Stop. This is just propaganda. Stop pretending that the fall in the market is not caused by the Senate's passage of the awful bailout bill.

Wall Street doesn't like the bailout, because everyone's starting to figure out that it's unnecessary, and thus the cure is worse than the disease.

Posted by: AK | October 2, 2008 10:22 AM

let's talk about the volatility of the S&P-- It's at record levels. Who know what to buy or sell.
Here's an article on what the S&P is doing and what investors can do to cover.
http://www.greenfaucet.com/economy/s-p-500-index-sets-volatility-record-for-fourth-straight-day/66384
Good luck out there.

Posted by: Anonymous | October 2, 2008 1:26 PM

LET IT BE SAID HERE FIRST.

1) CEAN OUT YOUR BANK ACCOUNTS NOW.

2) DONT YOU KNOW WHY THEY INCREASE IT?? IT BECAUSE THE SMART ONES ARE TAKEING THIER MONEY AND RUNNING TO LOCAL BANKS AND CREDIT UNIONS.

3) WHY BECAUSE THE GOVERNEMNT AND WALL STREET WANT ALL MONEY THATS WHY..WHAT THEY PAY YOU 1 TO 3 PERCENT ON IT /> /> BUT GIVE IT OUT AT 8 9 12 15 20 PERCENT..WHATS FAR WITH THAT PICTURE AMERICANS??

THE GOVERNEMNT WANTS TO HAVE ONLY WALL STREET AS BANKS..NOW STOP THEM NOW. TAKE ALL MONEY OUT OF MARKETS AND WALLSTREET.LET THEM GO DOWN. THEN AND ONLY THEN CAN WE THE PEOPLE GET BACK TO GOING DOWN TO OUR LOCAL BANK AND SHAKING HANDS AND SITTING DOWN WITH FREINDS AND GETTING A LOAN..WITH NO HASSELS, NO WORRIE, WHY BECAUSE THEY THE LITTLE BANKS WILL HAVE CONTROL OF ALL MONEY AGAIN.. NOT WALL STREET..

AND THAT S WHY THESE SCUM BAG SENATER PUT IN THAT 250,000 GARRENTY..YA RIGHT!!

THE FDIC DOESNT HAVE THE MONEY ....THEY HAVE COME OUT AND SAID THEY WILL HAVE TO GO TO CONGRESS FOR HELP..VERY SOON..WHAT A JOKE...THE WORLD WILL END THE WORLD WILL END..BULL CRAP..

TAKE YOUR MONEY PEOPLE....

YOU HAVE BEEN WARN.

OVER 200 OF THE TOP ECCOMMIST SAY THE BAIL OUT WILL ONLT HURT MORE AVERAGE AMERICANS THAT THE RICH.

THEY SAY NO BAIL OUT.. LET THEM CLEAN THEMSELVE OUT LIKE ALL AMERICANS HAVE TO.. THET SAY LET THEM GO THROUGH BANKRUPY PERIOD........LIKE SO MANY AMERICANS HAVE TO EACH DAY AND SO FAR OVER 10 MILLION THIS YEARS ALONE HAS TO AND IS GOINFG THROUGH IT..BECAUSE OF THESE SCUM BAGS.

DAVID A BELANGER
VETERAN
FOR-AMERICA@HOTMAIL.COM
9786183105

P.S. I FOR GOT ONE IMPORTANT THING!!NOT THAT THEY( MEANING WALLSTREET FAT CATS YOU KNOW THE ONES THAT HAVE DONE ALL THIS CRAP) THEY HAVE OVER 3 TRILLION DOLLARS SITTING OVER IN THE CAMIN ISLAND, JUST SITTING THEIR!!!!!!!!!!!!!!

MAKE THEM USE THIER MONEY..TELL THEM TO USE ALL THE TRILLIONS YOU STOLE FROM AMERICANS.

AGAIN LET ME STRESS THAT THE GOVERMENT AND WALL STREET IS TRYING TO GET ALL MONEY.

TAKE ALL MONEY OUT NOTHING IS SAFE RIGHT NOW.. NOTHING.. AND I DONT CARE WHAT THEY SAY IT WOULD BE MONTHS EVEN YEARS BEFORE YOU GET YOUR SO CALLED FDIC INSURED MONEY...

RUN AMERICANS RUN AND TAKE ALL MONEY OUT..WE THE PEOPLE DO HAVE A VOICE WE HOLD THE MONEY THEY NEED IN THIER BANKS...WE THE PEOPLE DO..SO GET IT OUT OF WALLSTREET AND ALL BANKS..GO TO YOUR LOCAL SMALL BANK AND GIVE IT TO THEM AND PUT SOME UNDER THE PILLOW..YOU WERE WARN

Posted by: david,veteran | October 2, 2008 2:27 PM

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