WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
I don't understand why CNN has a positive 'pre-market' number showing now, the Dow industrials are down 18% this year (1) - in 2008 dollars (see 2)!
However, the pigmen are not above another few pump and dumps before they let this one fizzle & try to dump the losses on the captive taxpayers of the next generation.
- Dan F.
Stocks tumble on bailout woes
Alexandra Twin, CNNMoney.com
September 23, 2008
NEW YORK (CNNMoney.com) -- Stocks slumped Tuesday, as the heated debate in Congress on the proposed $700 billion bank bailout dampened hopes that the government would take faster action to mitigate the credit market crisis.
A selloff in oil, gold and other safe-haven commodities caused investors to bail out of the underlying stocks. And General Motors continued to slump on worries about its cash position.
The Dow Jones industrial average (INDU) lost 162 points, or 1.5%. The Nasdaq composite (COMP) fell 1.2% and the Standard & Poor's 500 (SPX) index fell 1.6%.
In the wake of the worst financial crisis in years, economic officials and lawmakers are meeting on Capitol Hill this week in an attempt to hammer out an historic $700 billion bank rescue plan that would get bad mortgage bets off bank balance sheets