Wall Street stages dramatic comeback as Apple rebounds
Source: Reuters
BY TANYA AGRAWAL
U.S. stocks staged a stunning recovery off their lows on Monday, helped by a sharp turnaround in Apple's shares, but were still down about 2 percent in afternoon trading.
The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever.
But by 13:05 ET, the Dow was down just 143 points, or 0.87 percent as bargain hunters stepped in.
The Dow has never lost more than 800 points in a day.
FULL story and video at link.
Read more: http://www.reuters.com/article/2015/08/24/us-markets-stocks-usa-idUSKCN0QT10W20150824
marmar
(77,090 posts)NRaleighLiberal
(60,019 posts)kelliekat44
(7,759 posts)Hugin
(33,198 posts)Binkie The Clown
(7,911 posts)Want to loose a bundle? Buy now! The hucksters are waiting to take you to the cleaners.
Warpy
(111,339 posts)There are quite likely a few bargains to be had out there but you need to know what you're doing.
However, the general trend is down. If you were counting on your net worth to leverage debt for that dream house in Aspen, you're SOL for the next few weeks, at least.
How low will it go? Not a clue. However, people who panicked in 2008 are the ones who got hurt the worst, followed by people with small 401K nest eggs that were quickly eaten up by fees.
Binkie The Clown
(7,911 posts)The only ones who know which way the puppet will dance are the ones pulling the strings.
That's why I invest in knowledge, tangible goods I'm going to use, and seeds in the ground.
I've been very happy since I stopped thinking about money.
Warpy
(111,339 posts)That was my philosophy until I inherited it. Imagine my disgust when I awoke the day after my dad died to find out I was a capitalist parasite.
Now the money guy I inherited along with it is astonished by my ability to predict crashes and the ice water in my veins when they happen. It's because I consider paper net worth irrelevant, what matters is whether I'm getting any income from it, income I've used to add to my skill set.
I don't know if this is The Big One, but I rather doubt it. That one will happen overnight, the market losing its maximum by 10 AM on successive days and shutting down, and it will take everything with it.
This is a correction, massive because it is so overdue and the market hyperinflated. It will also be a convenient reason to keep interest rates at zero and the minimum wage at a starvation level. Clearly this is insane, but Congress will most likely buy it.
NRaleighLiberal
(60,019 posts)Javaman
(62,534 posts)mahatmakanejeeves
(57,600 posts)you made some money. Good luck with that.
It opened at $92.00. Anyone who called his broker and told him to sell Apple at the opening no matter what is probably wishing now that he hadn't done that. It was down for the day, but not a lot.
I'll still be able to buy groceries. Apples, too, if there are any to be had.