There goes my retirement fund seeing as the Dow took a most spectacular dive, details CNN Money.
U.S. stocks fell sharply Thursday, socking the Dow with its second worst close so far this year, as reports of liquidating hedge funds triggered more credit-related anxiety, which earlier led three central banks to intervene in an attempt to calm markets.
…The Dow Jones Industrial Average (DJI) slumped 387 points, or 2.8%, to 13, 270, with all but one of its 30 components ending in the red, including Citigroup Inc. (C) , which fell 5.2%, leading a slump in the financial sector that also hit JP Morgan Chase Co. (JPM) , whose stock also dropped over 5%.
The S&P 500 (SPX) , which is heavily influenced by financial shares, took the brunt of the losses, losing 44 points, or 3%, to 1,453.
The Nasdaq Composite (RIXF) fell 56 points, or 2.2%, to 2,556.
And the world reacted, details Forbes.
But edginess in global markets - and concern about non-U.S. companies’ exposure - was reflected in sharp declines in stock indices around the world on Friday. London’s FTSE 100 dropped 3.2 percent, the CAC-40 in Paris fell 3.3 percent and Germany’s DAX index was down 1.5 percent.
Understand it’s still going down but has rebounded some. Still down thou and 13,252, most recent figure I have, is a far cry from it’s record breaking 14,000.
I wouldn’t be paying so much attention if I hadn’t decided to go the 401K/403B route in an attempt to have something for retirement.
