Dow Jones Closes Down Nearly 800 Points As Market Reels

[Hissyspit]

Source: CNBC

Dow Closes Down Nearly 800 as Market Reels

By Cindy Perman CNBC.com | 29 Sep 2008 | 04:17 PM ET Font size:
The market screamed as the House vote on the Wall Street bailout bill teetered on the edge of a cliff — and then fell off.

"This is panic and ... fear run amok," Zachary Karabell, president of River Twice Research told CNBC. "Right now we are in a classic moment of a financial meltdown," he said.

MAJOR U.S. INDEXES

.DJIA 10365.45

-777.68 -6.98% 1,244,542,000

.NCOMP 1983.73

-199.61 -9.14% 1,143,476,200

.SPX 1107.06

-105.95 -8.73% 5,809,526,400

"The mood is definitely the old expression, 'Fish or cut bait," said Matt Cheslock, a senior specialist at Cohen Specialists. "Everyone’s kind of upset with the political grandstanding that’s going on. We haven't solved any problems that we're in," he said.

The bill initially failed to get enough votes, sending the market into a tailspin, as congressmen and women huddled to try to shore up the votes to save it. To no avail: The bill was ultimately rejected, leaving the future of the bailout in question. The Dow Jones Industrial Average ended down nearly 800 points or 7 percent. The S&P 500 and Nasdaq lost about 9 percent. The CBOE Volatility Index, widely viewed as the best gauge of fear in the market, surged 33 percent to more than 45.

Read more: http://www.cnbc.com/id/26945972

[Epiphany4z]

1. -770.59

[tekisui]

2. Amazing, it just keeps dropping.

[Coventina]

3. Jumpin' Juniper! The NASDAQ down almost 200 points!

That's huge! Almost 10% of its value!!!

[phantom power]

4. I'm ignorant --- what time do they close?

[SahaleArm]

5. 4pm EST n/t

[Old and In the Way]

6. Lots of cash coming out of the market.

Won't that have a positive impact on the liquidity crisis?

[louis-t]

7. I wonder if my bank will be open tomorrow?

I have a check coming and I think I'll cash it instead of depositing.

[harun]

8. Biggest point drop in history.

[Roland99]

9. I think we have finally settled...-777. Down 7%

DJIA 10,365.45 -777.68 -6.98%
Nasdaq 1,983.73 -199.61 -9.14%
S&P 500 1,106.92 -106.35 -8.77%
Dow Util 423.63 -21.48 -4.83%
NYSE 7,207.02 -683.35 -8.66%
AMEX 1,758.91 -157.53 -8.22%
Russell 2000 657.72 -47.07 -6.68%
Semcond 297.60 -23.43 -7.28%
Oil $96.37 -$10.52 -9.84%
Gold future 894.40 +5.90 +0.66%
30-Year Bond 4.16% -0.20 -4.50%
10-Year Bond 3.63% -0.20 -5.10%


Volumes (NYSE ... NASDAQ)

Advancing 20,268,000 79,425,000
Declining 1,592,674,000 2,743,602,000
Unchanged 144,000 -2,823,027,000

[E-Z-B]

10. Is it now lower than when Dubya took office?

[Hissyspit]

12. Oh, yeah.

About 200 points lower, if I'm not mistaken.

[Coventina]

11. One of today's biggest gainers: Campbell Soup Co.

That seems a little ominous.....

[gauguin57]

14. Yep ... we need that soup. Soup, Ramen, peanut butter.

Invest in all of those. And candles. We're gonna need candles. And sterno.

And a LOT of liquor.

[Coventina]

15. Time to get a case of Charles Shaw from Trader Joe's

I think I'm kidding, but I'm not totally sure....

[jwirr]

18. LOL My grandson was talking about job security the other day and

was confident that his job as the manager of a liquor store was secure.

[jwirr]

17. Not surprising. Food is a necessity.

[Roland99]

13. You know what gets me? (related to a statement from Paulson last week)

Paulson was saying last week they averted a total meltdown in the markets by mere minutes. I gathered from his meaning that it meant a close below when Bush took office. We are now WELL below that and the world hasn't ended yet.

Was this bailout bill really such an emergency? And did Wall St. just overreact today because the whiney ass dumbfucks didn't get their way?

[BayjanDem]

16. CDs are the wtg

Not as sexy as the market, but you'll sleep nights.

[gauguin57]

19. What's cool is that some of my "socially responsible" mutual funds are actually doing OK.

Not great ... but they were actually up at the end of today!

My broker was dubious about them ... but they've done OK.