Today in the market, Thursday, October 09, 2008: U.S stocks plummeted for a seventh straight session on Thursday as investors bet recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession.
An avalanche of selling at the close left the Dow below 8,600 for the first time since May 2003. The Nasdaq and the S&P 500 each also fell to levels not seen in more than five years.
Bank and insurance stocks got hammered again, as the previous day’s coordinated global interest-rate cuts and myriad other official actions to unfreeze money markets did little to boost confidence in the financial sector. Some traders said the lifting of the ban on bets that financial stocks will drop may have contributed to the sell-off.
U.S. stock market at 5-year low. Dow off 7.3 pct, S&P off 7.6 pct, Nasdaq down 5.5 pct. (headline & commentary courtesy of Reuters)
ETF/CEF Discussion: With another day of huge losses, RSI is standing pat. There are no picks today. However the short ETFs are having a field day. What can I say? Nothing, in fact I’ll stop right here except to remind you that the blog covering Friday’s close will be posted either Saturday or Sunday.
