In Other News
In less spectacular news, the Dow is down again after it had bounced back from it’s low point week or so ago. Now at 12,265.13 down some 370.03 points which is a 2.93% drop, biggest all year although not the lowest level it has seen.
Stocks tanked Tuesday, after a report showing a big slowdown in the services sector of the economy and cautionary comments from a Fed official amplified fears that a recession is underway or imminent.
…The speed of the retreat added to investor jitters, said Peter Dunay, investment strategist at Leeb Capital Management. “If we lost that much over three weeks, investors would have seen it as a period of consolidation, but to drop 370 points in a day is really rattling.”
OK, maybe that is a spectacular drop. Not good, economy is in a recession IMHO, mine anyway.
OK, reading more here. I’m not the only one who feels that way. I feel better already. Putting it in perspective as to how far it has fallen.
Even if the stock market is near its low point, though, it has a lot of ground to recover. The Dow is down more than 13 percent since its Oct. 9 record settlement of 14,164.53. Meanwhile, the S&P 500 — the measure most watched by market professionals — is down 8.9 percent for the year, the worst year-to-date performance for the index ever. The S&P 500 has fallen 14.6 percent from its Oct. 9 high.
Alas, the high was nice while it lasted. Looking on the bright side of things, Apple upped the memory in the iPhone and iPod touch or at least is selling a model with more memory but for more bucks. Appealing but I can’t afford one so I’ll just have to make do. Wonder how many others will have to pass on Apple’s latest tech toys cause the economy sucks.









