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New York - U.S. Stocks Slide Nearly 700 Points

Published on: December 1, 2008 04:05 PM
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New York - U.S. stocks slid, halting a five-day advance, on growing concern the global economic slump is deepening and consumers’ access to credit is shrinking.

General Electric Co. and Caterpillar Inc. lost more than 6 percent following a report that manufacturing contracted at the fastest pace in 26 years. American Express Co. and JPMorgan Chase & Co. fell more than 9 percent on Oppenheimer & Co. analyst Meredith Whitney’s prediction that credit-card companies will cut available lending by 45 percent, or more than $2 trillion. Treasuries rose, pushing yields to record lows, as Federal Reserve Chairman Ben S. Bernanke said the central bank may buy bonds to combat the worsening recession.

“The economic news is going to continue to get worse before it gets better,” Leo Grohowski, the New York-based chief investment officer for the wealth management unit of Bank of New York Mellon Corp., which oversees $158 billion, told Bloomberg Radio. “The biggest single challenge in terms of the economy is the state of housing and it still remains precarious.”

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The five consecutive advances in the S&P 500 before today marked the benchmark gauge’s longest streak of gains since July 2007 and sent it up 19 percent from an 11-year low on Nov. 20, the most over five days since 1933.

The U.S. economy entered a recession last December, according to the panel at the National Bureau of Economic Research that dates American business cycles.

 


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Read Comments (9)  —  Post Yours »

1

 Dec 01, 2008 at 04:09 PM Yitzchok Says:

one step forward, 10 steps back.

2

 Dec 01, 2008 at 04:16 PM Anonymous Says:

the dow closed 7.70 -paying homage to the chabad kedoshim

3

 Dec 01, 2008 at 04:13 PM Big Masmid Says:

Chazel in the end of Gemorah Sotah teach us that before Moshiach will arrive there will be financial difficulties, O dear Hashem the bad signs are already here,, where is the Geualah??????? PLEASE HASHEM we need your help more then ever

4

 Dec 01, 2008 at 04:20 PM Anonymous Says:


I'm very confused. Last week all the analyst's were screaming that the reason the market has fianly started to go up was because the CREDIT FREEZE WAS OVER and now 2 days later the reason the market lost 700 points is because of a CREDIT SHRINK??

Not that the market EVER made sense but can someone PLEASE explain this to me??

Are we supposed to be this stupid??

5

 Dec 01, 2008 at 04:49 PM Anonymous Says:

reply #2 let's all daven it should go up tomorrow 770 points

6

 Dec 01, 2008 at 04:43 PM Anonymous Says:

Reply to #4  
Anonymous Says:


I'm very confused. Last week all the analyst's were screaming that the reason the market has fianly started to go up was because the CREDIT FREEZE WAS OVER and now 2 days later the reason the market lost 700 points is because of a CREDIT SHRINK??

Not that the market EVER made sense but can someone PLEASE explain this to me??

Are we supposed to be this stupid??

Ever hear of legalized gambling? That's all the stock market is!

7

 Dec 01, 2008 at 05:43 PM murray Says:

Reply to #3  
Big Masmid Says:

Chazel in the end of Gemorah Sotah teach us that before Moshiach will arrive there will be financial difficulties, O dear Hashem the bad signs are already here,, where is the Geualah??????? PLEASE HASHEM we need your help more then ever

its the same crazy postings every day-
Market is down- "scary times", moshiach is coming", its the end of the world.
Next day Market is UP: No more Doom and Gloom posters????

8

 Dec 01, 2008 at 06:07 PM Anonymous Says:

The whole mess is a coverup of insanity. Maybe it was planned this way. Who knows? We will end up with a new currency, either the New US Dollar or the Amero. The New World Order. The Police State with the army controlling the food riots. Only Hashem can save us. But somehow they'll still find a way to keep sending money to the Medinah.

9

 Dec 02, 2008 at 07:34 AM Big Masmid Says:

Reply to #7  
murray Says:

its the same crazy postings every day-
Market is down- "scary times", moshiach is coming", its the end of the world.
Next day Market is UP: No more Doom and Gloom posters????

COOL

10

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