Stocks slump; Dow ends down 588 after early 1,000-pt. slide (UPDATED)

[Omaha Steve]

Last edited Mon Aug 24, 2015, 05:57 PM - Edit history (1)

Source: AP

By ALEX VEIGA and STEVE ROTHWELL

U.S. stocks slid again Monday, with the Dow Jones industrial average briefly plunging more than 1,000 points in a sell-off that sent a shiver of fear from Wall Street to Main Street.

Stocks regained some of that ground as the day wore on, but the Dow finished with a loss of 588 points, the eighth-worst single-day point decline and the second straight fall of more than 500.

The slump — part of a global wave of selling touched off by signs of a slowdown in China — triggered worries among Wall Street professionals and among ordinary Americans who have been saving for retirement or a down payment on a house.

With the lease on her car up, health insurance worker Deirdre Ralph of Wayne, New Jersey, had planned to get a less pricey vehicle and invest the savings. Now she's having doubts.

FULL story at link.


People watch trading boards at a private stock market gallery in Kuala Lumpur, Malaysia on Monday, Aug. 24, 2015. Stocks tumbled across Asia on Monday as investors shaken by the sell-off last week on Wall Street unloaded shares in practically every sector. (AP Photo/Joshua Paul)

Original LBN story: NEW YORK (AP) — Dow Jones industrial average finishes down 585 points after day of massive swings.

Read more: By ALEX VEIGA and STEVE ROTHWELL

[Feeling the Bern]

1. China's economy is going into the shitter. This is the ripple effect

Prepare for the Great Recession, version 2.0

[LynneSin]

2. Hopefully it's just China and not us

Hopefully!

[Wellstone ruled]

3. The Shorty's are wipping up the floor.

Something north of 9 trillion bucks wiped out since last week. Sounds like this is the Economic War forecasted by some a few months back. China is a house of cards that is imploding big time. Got a hunch we will see big time Hacking of the Banking Network soon. Notice who is AWOL,Boner and McTurtle. Did anyone else see were China is plowing some 30%of their retirement accounts into their markets to attempt some sort of calm.

[Hestia]

4. Told my DH back a couple of months ago that there were whispers of a "correction" by

September but all I could really find about it was some christian sites.

Wow - 30% of retirement accounts? Do you have some links to read more about this? Like I stated I tried but I am only willing to look at so many pages past the christian sites

[Hestia]

5. Won't this reset into actual realistic levels on/of the market? I've read where the prices

were artificial due to corp's doing stock buy-backs so it could inflate the wages/golden parachutes of the BoD's & exec's.

Was that $9T wiped from hedges funds, private equity, etc.?????

[Wellstone ruled]

7. Gaurdian web site Saturday P.M..

Something is going on between the U.S. and China and it is not pretty. Why is the China Premier heading to the U.S. in a hastely arranged meeting that has been talked down as some kind of former arrangement. The 9 Trill is the loss value of equities as of last Wednesday night and yes,it is our IRA's and 401's that are being raped. This bullshit about Greece and the so called slow down in Europe is just a smoke screen,and the Media is so lame they will not chase the truth. China is in free fall,the house of Red Army Cards is burning to the ground. What is scary is,where are Boner and Mcturtle? Smells to high hell. Was this a inside job? Hopefully we do not see a 2008 melt down. If that is the case,Mr. Sanders or Ms Warren are the next White House holders.

[Feeling the Bern]

6. I kept saying this would happen for the past two years. I was told I didn't know anything about

economics. Prepare for the toilet flush.

[Wellstone ruled]

8. Forcast was for 10%.

Their are other forces in play. Usually we see these flushes in October after the 1%ers return from the Hampton's. Got to think we are seeing a Dollar/Yaun IMF/New BRICKS Bank tug of war. Something is hitting the fan and it is going to get messy.

[KittyWampus]

9. LOL! If you predict it's going to rain… it eventually will.

[Feeling the Bern]

11. You're right. An economics teacher for the past 15 years knows nothing about economics

Thanks for marginalizing my education, experience and intelligence with one snarky response.

[StoneCarver]

13. Take no offense and welcome to DU.

Heck I have a low post count but I read a couple of times a day and have since 2008. I only comment when I think I have something to say. Your views are welcome here. I also agree with your support of Bernie! Be careful of some of the HILLARY traps. DU has changed a lot since the NYT's and others told the public about it.
Stonecarver

[onenote]

10. Which is why I would never look to DU for stock market advice

Two years ago the market was at around 15,000. If I had listened to someone saying get out of the market two years ago, I'd have missed the run up of over 3000 points that occurred in the ensuing 24 months; even today, the market is 870 points higher than it was two years ago.

[StoneCarver]

14. onenote, listen for the signal through the noise.

Most people don't know, some do know. Sort and listen to them for market advice. It has served me well. But be careful. DU has saved me hundreds of thousands of dollars. It's much harder now than it used to be. I was out of the market two months ago. DU helped be see and get out of the market just before the 2008 crash. I don't think the market will crash, but it will correct.
Stonecarver

[ozone_man]

16. It seems to happen

about every 8 years. 2000, 2008, ... We're due for a good flush.

[Historic NY]

12. Bumpy ass ride today...........

left me bruised and battered but "the market shall rise again"


[URL=http://www.sherv.net/][IMG][/IMG][/URL]

[roamer65]

15. Time for Goldman Sachs to screw over the "muppets". N/t

[Midnight Writer]

17. Just a "market churn" in my opinion

Dow down 1089 in first hour, down just 589 at close. That means that those "in the know" that traded at exactly the right moments saw a run-up of 500 in a few hours. If you were a professional that knows how to short and long trade equities, and have the resources to buy and sell mass quantities, you just had a hell of a good day.

If you are a buy and hold long term investor trying to increase your lifelong retirement savings, you just got screwed.

Trust me on this. The big investors are thrilled with this volatility.

[snort]

18. Jump!