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U.S. Stocks Drop, Dow Average Posts Worst 2-Day Loss Since ‘87
Lynn Thomasson
Bloomberg News
Thursday, November 6, 2008
Nov. 6 (Bloomberg) — U.S. stocks slid and the Dow Jones Industrial Average posted its worst two-day loss since 1987 after jobless claims jumped and the shrinking economy decimated earnings at companies from Blackstone Group Inc. to News Corp.
Exxon Mobil Corp. dropped 4.3 percent, leading energy companies to the biggest declines in the Standard & Poor’s 500 Index, as oil slid to a 19-month low below $61 a barrel. News Corp. sank 16 percent after the media company controlled by Rupert Murdoch said ad sales decreased. Blackstone, the world’s largest private-equity firm, lost 9.5 percent after posting the biggest quarterly loss in its 18 months as a public company.
“We’re a long way from the end of the economic challenges,” said Mike Morcos, who helps manage $1 billion at Old Second Wealth Management in Aurora, Illinois. “Earnings next year are going to be significantly lower and estimates are going to continue to come down.”
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The Standard & Poor’s 500 Index fell 5.1 percent to 903.89 at 3:38 p.m. in New York. The Dow Jones Industrial Average retreated 457.82 points, or 5 percent, to 8,681.45, extending its two-day loss to almost 10 percent. The Russell 2000 Index of small U.S. companies declined 3 percent to 499.03. The MSCI World Index of 23 developed markets lost 6.2 percent to 922.25.
The two-day tumble wiped out more than half of the S&P 500’s rebound from a five-year low on Oct. 27. An industry report showing an unexpected decline in sales at chain stores in October also weighed on stocks as 23 of 27 companies in the S&P 500 Retailing Index slumped.
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17 Responses to “U.S. Stocks Drop, Dow Average Posts Worst 2-Day Loss Since ‘87”
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November 6th, 2008 at 2:27 pm
Yup, exactly as i suspected, The Dow apparently was ralying last week because of the hope of change under a Obama rule. This in effect was just a way for them to raly support behind the democrats. Sure enough, after it is too late, we see that the dow just continues to seesaw and reduce shareholder wealth through stock market manipulation. If you look at the industrial average of ALL countries they always fall within .1 percent gains or drops respectively. How can that not be a manipulation? Wake up people.
November 6th, 2008 at 3:47 pm
http://ca.youtube.com/watch?v=aBNuQGudgf4
November 6th, 2008 at 4:04 pm
What do you expect? Anyone who is planning on a 12000 dow gracing his/her retirement plan again anytime soon is a fool but the builders of this plan which wiped out all of those who cared about their money while leaving all of those that didn’t intact were geniuses.
November 6th, 2008 at 4:39 pm
Good bye 6000, the market was inflated by idiots that believe Obamamama being elected will solve everything. BUT the market doesn’t like taxes and giveaways. Oh, and the whole thing about the lack of credit and crashing dollar. As someone out of the market now, glad to watch it fall and the dopes that refuse to listen eat crow and starve. I will not be sharing with those who I warned and did not listen. The USA is over and bad bad bad things are going to happen. Like Obama bombing Iran after a suitcase nuke blows away a midwestern city of a population of 200K or less. God Save Us All!
November 6th, 2008 at 4:48 pm
i think chicago perhaps gets it..
then he blames pakistan and invades
November 6th, 2008 at 4:49 pm
Get ready to get in a soup line……if you can find one. Not enough people awake.
November 6th, 2008 at 5:39 pm
yup a dirty nuke is the most likely next false flag opp. Bush foreshadowed it in his brainwash speach of “a smoking gun in the form of a mushroom cloud”. he said that line 100’s of times over a few speaches, any common sense person can see that he is implanting ideas into the masses, it’s brainwashing 101. Then all the subsequent media brainwash of iran and north korea studying nuclear tech. Screw that, who is allowed to decide who is allowed to research any technology. Other countries development is none of our bussness, just cause we’ve perfected our nuclear tech doesn’t mean other countries aren’t allowed, the NWO is just afraid that oil bearing countries can hold the exploiters of the world at bay with nuclear arms with a cold war type standoff, the best thing for this world at this point would be either no nuclear weaps at all or everybody gets one, keeps everybody honest lol
November 6th, 2008 at 5:42 pm
oh and it will be a low grade nuclear weapon that goes off, that way they can claim that it was one of the backwater countries experimental model when in actuality it probably had a US flag on it and a bald eagle
November 6th, 2008 at 5:48 pm
very good points all, me and my wife have gotten ourselves means to survive in the old way of life, i suggest all do the same and pick a good secluted spot and be ready to leave on a moments notice, i even have 2 full tanks worth of gas in gerry cans so that when opec causes oil shortages, i can still get the hell outta civilazation while everybody is busy fighting for gas at the pump and fighting for food supplies at the grocery store, buy non GMO seed as it is not sterilized through irradiation. They have tried to wipe out biodeversity of plants as to force dependency. make sure you get grandfathered non GMO as it will produce more seed to use in coming seasons
November 6th, 2008 at 5:53 pm
Oh, one last thing, everybody thinks i’m a looney toon as well, wonder how i ever became an electrical engineer at 22 being crazy that i am. But frankly, i don’t give a fuck about what other people think at this point, i just keep beating it over their heads while they sit there fuckin grining like oblivious morons, well see who is laughing last, it get’s tiring talking to these un-educated fools who won’t even take the time to pick up a history book and do research, they can go fuck themselves
November 6th, 2008 at 7:39 pm
For many months, the Zionists and elitists have been manipulating the markets and the dollar value in order to grab up as much cash as they can, while propping the markets up with leveraged derivitives. As soon as the derivitaves pop, we’re in a world of shit. But it will be peanuts in comparison to the big picture. Since they desire to see the US fall, there will probably be a 3 pronged demise. Global economic crash, ‘terrorist’ attack on the US, and cancellation of election and instilling of martial law.
Do you actually think Bush will willingly give up his throne? He has dozens upon dozens of HUGE lawsuits against him, and his only asylum is the oval office. Sure, America got its’ way by voting in Hussein Obomber, but King George still has 2 months left to work his plan…
The Wall St pukes are swimming in cash now since they played along with the plan. Shame on the SEC for all they’ve done. The markets could not possibly reflect any truth. The Treasury has printed up billions upon billions of paper notes, and this would logically devalue the dollar by virtue of sheer volume, yet it remains strong. The economy is going straight down the shitter and everyday investors are in mass exodus, yet Wall St is cashing in. So many facets of the economy and stock markets are badly flawed and decaying, yet Wall St still rumbles with the sound of bonuses and hostile takeovers. Does anyone else see this?
There are powerful forces at play here, and we need to reconcile our patriotism. Do what you can to bring these truths to the sheep and awaken them. If they wake up at this stage of the game, they are going to be PISSED!
November 6th, 2008 at 7:56 pm
Oh not not another Obamabaaaaaaaabaaaaaaa ma supporter. criminey.
November 6th, 2008 at 8:18 pm
hey alex creates sheep and the other 40 aliases you go by, fuck off, if your gonna post, post it once, i respect your point but seriously, i hate to filter through your fuckin spam, post once per article for fuck sakes, at least then i might think you less of a fag and maybe people would respect your opionion, but your just turning people of with your spam bullshit. Seriously stop being a fuckin douchebag
November 6th, 2008 at 8:26 pm
will you shut up? we get it already!
November 6th, 2008 at 9:37 pm
Hi All,
You have to check out http://hookk.com . You can leave comments on any news article on the web and it enters it into the hookk stream for others (mainstream news watchers) to see. Really simple and brilliant news aggregator.
Very useful tool for getting the word out. We need to take the mainstream media down a notch. The hookks (comments) sit right along side the article being discussed and is not edited or filtered. It’s like bullhorning the media.
I have seen a couple of infowars articles on the homepage. I reckon we should get the mainstream articles on there and tear em’ to shreads.
November 6th, 2008 at 10:02 pm
NeverHaveFear.
You are a damn asshole, you really know nothing!
I myself have went out there on these nets, and on many other websites an have found out the very same thing Alex Jone’s has to known for along time, deep down inside him, he knows just what’s up with the elite, and for another thing, i do too.
I wrote a book, i am an author.
In my book, Blackbird’s Down, Blackbird’s On The Run!
I wrote about the fall of Vietnam, an i was on the last Chopper off the America Embassy that last morning at the Alamo, we did name it that, i was on the Copper called Lady Ace 9.
They also lied to us there, lie about Recon being there, why?
Because i was then Recon Marine 2nd Platoon, 2nd sq, 3rd Recon, that before the time we went into Saigon, they liiiiiiied about Recon being there, and that Recon was not there, when we were there on those walls the last night, last day.
Our Government, lied then, lied now!
If i was Alex Jone’s, i would block your email Address, that way you can’t write again.
Alex’s is just human dude, we all have made mistakes before, and shall make them again, and again.
Stop belittling Alex’s, he does know his shit here!!
I took my book off the web, i don’t need money like that!
I know what i did at the age of 17 years old!!
I am 54 now, and still can see those days an nights in my mine, of HELL!
Vietnam was HELL, and what happened there, it will happen here, Hell in the City.
I know what it’s like to see many of many of people on the ground the road bloody an blood every where. The dead rotten bodies, the smile of death!
November 6th, 2008 at 11:59 pm
Hey NeverHaveFear,
Alex puts himself completely out here, we know what he looks like, where he works, what he has done. You on the other hand, simply copy and paste in rude and annoying fashion your anonymous and cowardly criticism over and over again. If you are going to make such an attack why don’t you at least put your real name, where you live, where you work and what you do for a living. That might lend you a bit more credibility. I don’t always agree with Alex Jones’ style, or opinions but at least he has the balls to be out in the open with it and has done a lot more to try and make a differnece than copying and pasting the same speech over and over again in every articles discussion area.