Not two days after the bail out of Fannie and Freddie, this indicates that no confidence has been restored to the markets and the impotency of the Fed to stave off collapse.
On Sep 10, 10:27 am, Gaar <[EMAIL PROTECTED]> wrote: > Good, a double Bottom... > > That is a good sign. > > On Sep 9, 4:44 pm, Frank <[EMAIL PROTECTED]> wrote: > > > US stocks plunged overnight and the Standard & Poor's 500 came within > > 10 points of its bear-market closing low. > > > Capital-shortage worries shifted from Fannie Mae and Freddie Mac to > > financial firms without government guarantees, such as Washington > > Mutual and Lehman Brothers, the latter falling to its lowest closing > > price in nearly a decade. > > > At the same time, commodities prices continued to decline. > > > One trader dubbed Monday's action on Wall Street “a great bull trap” > > because the bounce may have seduced buyers. > > > The broad Standard & Poor's 500 plunged 43.28 points, or 3.41 per > > cent, to 1224.51, its lowest close since the 1215-finish on July 15 > > and its biggest percentage drop since February 27 last year. > > > The Dow Jones Industrial Average fell 280.01 points (2.43 per cent) to > > 11230.73, giving back all but nine points of its Monday gains. The > > technology-oriented Nasdaq Composite fell 59.95 (2.64 per cent) to > > 2209.81. > > > Since computer giant Dell raised concerns about technology spending in > > parts of Europe and Asia about two weeks ago, tech stocks have felt > > the claw of a bear market. > > > Lehman Brothers dropped 45 per cent to its lowest close since October > > 14, 1998, its biggest percentage drop ever. > > > The plunge reflected fears about its ability to raise capital. > > Standard & Poor's placed Lehman's credit, including short-term > > counterparty ratings, on “CreditWatch with negative implications”. > > Nevertheless, S&P views the firm's short-term liquidity as > > “satisfactory”. --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
