WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2007-03-01 Time: 00:00:00 Posted By: Jan
Is this the long-awaited U.S. stock market correction, or is there more pain to come? Stocks were sharply, broadly lower in heavy trading Tuesday, with major U.S. stock indexes each down over 3%. Bonds soared as investors fled stocks for the less risky confines of the Treasury market.
What sparked the sell-off? A plunge in China’s stock exchange rippled across global markets, spurring big declines in bourses worldwide. A disappointing report on U.S. durable goods orders fanned concerns about a slowing economy.
When the dust settled after a session marked by extremely heavy trading volume, the Dow Jones industrial average tumbled 416.02 points, or 3.3%, to 12,216.24, after being down by more than 500 points at one juncture. Each of the 30 member stocks posted losses, with heavy hitters Disney (DIS) and General Motors (GM) each losing over 5%.
The broader Standard & Poor’s 500 index dropped 50.33 points, or 3.47%, to 1,399.04. The tech-heavy Nasdaq composite was the biggest percentage loser on the day, slumping 96.65 points, or 3.86%, to 2,407.87.
Losses were accompanied by an enormous jump
in volume on the NYSE and Nasdaq Composite indexes, notes S&P MarketScope, signaling institutions were likely liquidating long positions.
Trading was exceptionally volatile in the session’s last hour, with the Dow falling over 500 points — its worst intraday loss since September, 2001 — before snapping back somewhat.
The Dow’s dizzying 200-point drop around 3:00 pm ET was triggered by a tabulation delay by Dow Jones data systems, according to wsj.com.
Market internals were extremely bearish. NYSE breadth was 29-5 negative, with up/down volume was nearly 90-1 negative. On the Nasdaq, breadth was 28-3 negative, and up/down volume was nearly 11-1 negative.
Five Largest Point Losses — Dow Industrials
Point loss
Date
Vital info
684.81
Sep. 17, 2001
Trade resumes after WTC disaster
617.78
Apr. 14, 2000
Rate Fears after Core CPI up 0.4%
554.26
Oct. 27, 1997
Panic selling in wake of Hong Kong market rout
512.61
Aug. 31, 1998
Global slowdown, Russian default fears
508.00
Oct. 19, 1987
Programs, selling panic
The unpleasantness started overnight in Shanghai, where the benchmark index tumbled 8.8% Tuesday amid worries about possible government action to cool the market. The benchmark closed at a record high a day earlier. According to a Bloomberg report, the State Council, China’s highest ruling body, has approved a special task force to clamp down on illegal share offerings and other banned activities in the market.
Regulators clearly responded to the frothy gains in Chinese exchanges. Beijing must pay attention to “bubbles” in its stock market before they get out of hand, Cheng Siwei, vice chairman of the Nation’s People Congress, wrote in a commentary published in the Chinese-language Financial News.
The market’s worries were’t limited to China. “The perfect storm of geopolitical stress via Iran, Chinese asset reversal, and lingering concerns about the subprime mortgage market” raise concerns about a global growth downturn, according to Action Economics.
The acid test for global markets may well be how the Asian markets fare in Wednesday trading.
In U.S. economic news, durable goods orders tumbled 7.
http://www.businessweek.com/investor/content/feb2007/pi20070227_038555.htm?chan=rss_topStories_ssi_5