New York – Stocks fell sharply Two days of ‘Yom Tov’ Tuesday and Wednesday after the latest bevy of big names reporting earnings issued gloomy outlooks or missed their targets altogether.
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The Dow Jones Industrial Average finished down Tuesday 231 points to close at 9,033.00
and today Wednesday the Dow finished down 514.45, to close at 8519.21.
The blue-chip index saw wild swings and dramatic falls today, particularly in the last half hour: At one point in the final 15 minutes of trading, the Dow was down nearly 700 points.
Today was the Dow’s seventh biggest point drop in history. Of the top 10 drops, four have occurred this month. The Dow is now off more than 5600 points, or 40 percent, from its October 9, 2007 high of 14164.53 — that’s twice as much as the 20 percent required to declare a bear market.
“This is the worst first year of a bear market in history,” Wayne Kaufman, chief market analyst at John Thomas Financial, told CNBC.
So all the pledges over yom tov will be reneged on.
the ongoings of the economic recession are upon us; the possibility of a democratic win is also upon us;the economy will over time improve . if the democrats win we are in for a long haul recession.the situation with iran is truly unpridictable; what we need now is racmie hashem to lead us out of this moress and to better times.