U.S. Stocks Tumble a Third Day, Wiping Out Rally; GE Slumps

Eric Martin
Bloomberg
Thursday, Oct 16, 2008

U.S. stocks retreated for a third day, erasing the gains from the biggest rally in seven decades, after Citigroup Inc. said bad loans may rise to a record high and the government said manufacturing fell the most since 1974.

Citigroup declined 8.8 percent after saying loss rates on credit cards and mortgages may climb as the economy deteriorates. American Express Co., the largest U.S. card network by purchases, slid 8.9 percent. General Electric Co., the world’s biggest industrial company, lost 3.6 percent and extended its plunge over the past month to 26 percent.

“The frozen credit markets and the shock coming out of these stresses we’ve had in the capital markets have exacted a toll on the real economy,” U.S. Treasury Secretary Henry Paulson said in an interview with Bloomberg Television. “We’ve seen that in some of the numbers recently. We’re going to have a number of tough months here.”

(Article continues below)

The Standard & Poor’s 500 Index declined 40.29 points, or 4.4 percent, to 867.55 at 11:12 a.m. in New York, below its lowest close since April 2003. The Dow Jones Industrial Average slid 356.26, or 4.2 percent, to 8,221.65. The Nasdaq Composite Index slipped 54.93 to 1,573.4. Ten stocks dropped for each that rose on the New York Stock Exchange.

The retreat over the past three days erased all of the 12 percent gain in the S&P 500 on Oct. 13, when the market rallied the most since the 1930s on speculation the government’s plan to shore up banks will ease the credit crisis. Efforts to calm financial markets probably won’t result in an immediate economic rebound, Federal Reserve Chairman Ben S. Bernanke told the Economic Club of New York yesterday.

Full article here

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10 Responses to “U.S. Stocks Tumble a Third Day, Wiping Out Rally; GE Slumps”

TheresNoFEDinFreedom Says:
October 16th, 2008 at 10:29 am
I NEED YOUR HELP, Has anyone else In the midwest “or in the states period” recieved a Propaganda DVD in the mail titled “OBSESSION… Radical islams war against the west” this is soo rediculous… everyone at my work has recieved it in the mail and im concerned… Are people BUYING INTO THIS CRAP? the cover says “as seen on CNN and FOX NEWS… LOL imagine that huh… ALEX PLZ ASK YOUR LISTENERS ABOUT THIS MAJOR BRAINWASHING PROPAGANDA campaing… its put out by the Clarion Fund 255 w 36th street suite 800 new york, NY 10018 tel: 646.502.8380

ps sorry for so many comments about this but i can never get through on the phones and i think this is a verrrry important topic, so far people from Mo NY and michigan have posted about getting this
Kshatriya Says:
October 16th, 2008 at 11:05 am
FEDinFREEDOM, i was sent a copy of this “obsession” also. I have not watched it, i figured it was a biased look at Islam. I am unorthodox Hindu, Self Realization Fellowship and Iskcon practitioner. The NWO wants Hindus to hate Muslims, Muslims to hate Hindus, Christians to hate every other religion etc… etc… and on and on with the war and hate. Man what will the benefit of all that hate be? I am going to try to pray and fast and look deep inside for the answers. I will let you all know what i discover.
A Catholic Voice Crying In The Widerness Says:
October 16th, 2008 at 12:08 pm
Kshatriya, I have not seen this video. But on a different issue if you will permit me; in leass than 6 months I fully believe that the 2 Beasts of the Book of Revelation in the Christian Bible will be made manifest for the whole world to see. There will be no doubt to this as well as I can determine. There is a high possiblity that many people alive today, perhaps upwards of 2 billion will be obliterated shortly before or shortly thereafter this revelation takes place. In the space of a few sentences:

God created man because He wanted someone to love Him
God took the form of human flesh because He wanted man to know Him personally
God allowed His Son to die as a demonstration of His immense love for us
All we have to do is believe in everything God said by obeying Him and His Son, remaining in a state of perfection (called grace), to love our neighbors and help them when they are needful or suffering (as God would do Himself)

Jesus was the only person in human history who’s birth was foretold. The only one.

I say all this out of a motive of pure charity and love. When John Paul II and Paul VI are made “saints,” this world will get 1000 times more ugly than it is at this moment.
"C" Says:
October 16th, 2008 at 1:39 pm
THE STOCKS ARE DONE
WORLD ECONOMICS ARE DONE
SOON THE NAZI MONEY CARD / WITH THE ‘RFID CHIP’
TRUTH ADDIKT Says:
October 16th, 2008 at 3:10 pm
don’t let Murdoch shut us down again!

help us get on UK radio and expose the NWO!

http://www.myspace.com/TRUTHADDIKT

thank you!
godspeed
mark Says:
October 16th, 2008 at 4:04 pm
Houdini would have made a great criminal
Jin Says:
October 16th, 2008 at 4:27 pm
I’m sick and tired of people bringing up God to demonstrate how useless they are as human beings. You idiots seem to forget the God made you in it’s likeness.. so stop being weak minded. It also gave you a backbone so learn to stand upright for what should be according to the morals we have in place that you and yours seem to forget.,, you know.. the ones he made int he “flesh” as your example. You forget too easily. It’s really easy to blame God and that’s exactly what you’re doing!! Also.. has anyone heard about the social security raises? As soon as my friend got his raise his gov housing community raised his rent to the same turn.. so the gov took exactly what they gave. The new didn’t bother to report that fact!! Raise my ass.
Truther Says:
October 16th, 2008 at 5:21 pm
“I NEED YOUR HELP, Has anyone else In the midwest “or in the states period” recieved a Propaganda DVD in the mail titled “OBSESSION… Radical islams war against the west” ….

Yes, a relative of mine received this propaganda DVD in the mail in Florida the other day!

They gave away millions of free copies of the DVD inside newspapers, and now they’re sending this crap to people via U.S. mail!
A Catholic Voice Crying In The Widerness Says:
October 16th, 2008 at 5:27 pm
The morals we have in place, Jin, are from God. Any man-made morals are all relative, or hadn’t you noticed? And it is written, “without God you can do nothing.” And how do you know about backbone, from just a simple exposition of Christian truth? From where did you ever dredge that up?
Gabriella Says:
October 16th, 2008 at 7:56 pm
Oh please – Washington is running out of ideas. Watch Bush suddenly disappear either because he needs a break or because he’s running. They’ll stage a kidnap by Yabadabadoo, some ‘radical’ muslim on the loose, and more illegitimate videos of the Prince, with a back-drop of a cave, stating they’re about to make a woman out of him! This will instigate a world-wide draft but no one will respond except for AWOL notifications! The President will then be forced by the Bilderberg bobo’s to crossdress and nationally claim he’s receiving psychiatric treatments for being mistaken for a she-goat! It will then ignite a scandal of opinions among the world’s ‘fixers’ trying to out-do each other’s argument! Will the madness end at the flip of a coin? Will there even be a coin? Find out tomorrow on: ‘As The Oil Churns’.

President? What President?

P – PLEASE
R – RESPOND
E – EARLY
S – SADLY
I – I’M
D- DETAINED
E – EVOLVING;
N – NWO
T -TREASONS

B – BETTER
U – UNITE
S – SOON
H – HUH?