Below are today's amazing stock market statistics:
- Dow Jones 10,365.45 down 777.68 down 6.98%;
- Nasdaq 1,983.73 down 199.61 down 9.14%;
- S&P 500 1,106.39 down 106.62 down 8.79%; and
- TSX (Canada) 11,285.07 down 840.93 down 6.93%.
As I write this article, the Nikkei 225 is down 4.81%. What an amazing and historic day.
I was absolutely positive that the $700 billion bailout plan would pass—because it had to pass. How could it not? Obviously, I was wrong. What happens next is left to your imagination. I am not sure what to think about this whole mess, other than it is a huge mess.
Many pundits told everyone that would listen that mid July was the absolute low point for the year. So much for that theory. We are well beyond the mid July low point of about 1,200 on 15 July 2008. And no one is sure if we are going lower still, perhaps much lower.
Here are some stories from major news sources:
- Wall Street Journal Bailout Plan Rejected, Markets Plunge, Forcing New Scramble to Solve Crisis (subscription required);
- New York Times Lawmakers Defy Bush and Party Leaders, Rejecting Bailout (free registration required); and
- Financial Times House rejects US bail-out bill (subscription might be required).
Buckle up your chinstraps because the rest of the week promises to be volatile and rocky.
My photograph of Jasper National Park is hosted at Flickr. If you click on the picture, you will be taken to my Flickr account where you can see more pictures.
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