Thursday, August 16, 2007

Post Titled: Schadenfreude Revisited

Ok - perhaps it is a bit perverse, (and I hope none of my readers are losing money), but I LOVE it when the stock market dives... and dives...

The Guardian:
"Shares in London plummeted this morning, sending the FTSE 100 index crashing back below the 6,000 level as the storm engulfing global stock markets intensified."

Wall Street Journal:
"TOKYO -- Asian stocks fell sharply Thursday, battered by persistent jitters over U.S. housing-loan problems and their possible damage to global financial markets."
"Hopes and fears about the next moves from the Federal Reserve retook center stage Wednesday, as the market continued to be whipsawed by uncertainty and volatility.
Stocks continued their roller-coaster ride through much of the session, but took a dive in the midafternoon that sent the major indexes down more than 1% each."

Bloomberg: "Global Stocks Tumble; Deutsche Bank, BHP, Macquarie Bank Fall -Aug. 16- Stocks in Europe and Asia tumbled and U.S. index futures dropped as concern deepened a global credit crunch will sap earnings and erode economic growth."

"The market traded nervously, jerking the Dow Jones industrial average above and below the 13,000 mark throughout the day as investors wrestled with reports about potential trouble at Countrywide Financial Corp. and KKR Financial Holdings LLC.
By late in the day, investors saw little reason to buy beyond the fact that stocks are at bargain prices right now, and the Dow closed down nearly 170 points. The Standard & Poor's 500 index also dropped sharply, and is now down for the year."

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