Dow Loses 160, Nasdaq Falls 31 - Democratic Underground

NNN0LHI

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Wed Mar-10-04 08:40 PM
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Dow Loses 160, Nasdaq Falls 31

http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=3&u=/ap/20040310/ap_on_bi_st_ma_re/wall_street

NEW YORK - Stocks tumbled Wednesday for the third straight session as investors, increasingly adopting a defensive strategy, bailed out of technology and other higher-risk shares. The Dow Jones industrial average shed 160 points and other major indexes also dropped sharply.

Investors have been anticipating a temporary market pullback following a nearly yearlong rally, but their recent eagerness to collect profits ahead of a significant decline may have helped fuel the correction.

"This is the third day in a row of some pretty heavy-duty rotation out of the cyclical stuff into the defensive stuff," said Scott Wren, equity strategist for A.G. Edwards & Sons. "It's like a steamroller effect, with a little selling early on, then more and more as anticipation of a correction set in and people decided to lock in some of these profits."

The Dow plunged 160.07, or 1.5 percent, to 10,296.89, its lowest close since Dec. 19. Since Friday, the Dow has dropped 298.66, or 2.8 percent, swinging to a loss for all of 2004 for the first time.

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brokensymmetry

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Wed Mar-10-04 08:44 PM
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1. So the only possible answer is...

send more American jobs to China and India. It's the way to wealth - right? :crazy:(Yes, I'm being very sarcastic!)

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htuttle

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Wed Mar-10-04 08:46 PM
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2. I wonder how jittery traders are?

Edited on Wed Mar-10-04 08:49 PM by htuttle

Consider: they are finally within sight of where they were in Jan 2001, after climbing back from an extremely ugly drop.

If it looks like the market is going to drop back down to to 7000-8000 range, I wonder if traders will decide to get out much quicker than they did the last time down?

Sort of one of those "fool me once, shame on...you,...fool me...don't get fooled again" things...

?

I don't play the market, myself. If I feel like gambling, I go to the Ho-Chunk Casino -- at least it's regulated...

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NNN0LHI

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Wed Mar-10-04 08:56 PM
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3. I like the horses for when I get an urge to play the odds

Which does not happen very often. I find it makes me tense.

Don

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madrchsod

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Wed Mar-10-04 09:22 PM
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4. wow! that`s the biggest pt

drop in along time...will they still love the dow tomorrow???

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Just Me

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Wed Mar-10-04 09:34 PM
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5. Real people "lose" and "fall" alot these days,...

,...and they are human beings who are worth a helluva lot more than a "stock exchange". So, I don't give a damn about Wall Street, anymore.

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0007

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Wed Mar-10-04 09:34 PM
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6. The bottom is falling out of junior's strong economy

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teryang

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Wed Mar-10-04 09:48 PM
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7. Hit in the pocketbooks- bushit over.

It's tough to have to ditch sound investments along with the hyped up garbarge. This could be the beginning of a panic. If the burning goes on for a few more days a lot of people who came back to the market will get out permanently. "Fool me twice..." Then the rotation in the financial sector will collapse.

A person that just wants to make an honest investment almost has no place to go. Every other week unbounded optimism turns to grim fatalism.

A lot of the pessimism has to do with the macro-economic figures. The government didn't even bother reporting PPI figures for January or February. Did they think no one would notice? Unprecedented irregularity in a report that has come out on time for over fifty years? As in the unemployment and CPI figures this raises a lot of open cynicism even with mainstream econopundits. (Sure inflation was six percent but nine tenths was food and energy. "That goes down." Who believes that crap?) The record of lies about Iraq, obstruction of justice, secrecy and general corporate dishonesty that seems to be second nature to the current right wing junta has created a jaundiced sceptical public.

The outsourcing fiasco and the deficit figures are breaking the back of public ignorance about the chimp. Their getting hit in their pocket books now, folks.

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SpiralHawk

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Thu Mar-11-04 01:43 AM
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8. But, but, but...

just wait till Bush's tax cuts for the rich kick in.

And remember the Republican motto:
"A rising tide lifts all yachts."

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