Stocks tumble for second day; Treasurys surge

[JohnWxy]

Source: Yahoo news

NEW YORK – Stocks plunged for a second straight day Thursday, falling to a ranges not seen in six years as financial and energy stocks tumbled and as demand for the safety of government debt spiked to historic levels.

Stocks, which had been weak for much of the session, lost ground after hopes faded that lawmakers would soon put together an aid package for the U.S. automakers and as major indexes like the Standard & Poor's 500 index broke through lows established in 2002. That breach of key technical thresholds sent a shudder through the market and touched off further selling.

The pullback for the second straight day sent the Standard & Poor's 500 index down 6.7 percent to the 752 level, below the closing low of 776.76 logged on Oct. 9, 2002. The Dow Jones industrial average, meanwhile, fell 445 points, or 5.6 percent. The decline brings the Dow's two-day decline to 873 points.



Read more: http://news.yahoo.com/s/ap/20081120/ap_on_bi_st_ma_re/wall_street

[Purveyor]

1. Guess I need to reset my DJIA low prediction since my Jan. 08 of 7500 estimate is about

to be reached. I was laughed at for that prediction, btw.

[mgc1961]

2. I stopped watching...

...the day after I saw an interview with a seemingly august floor trader who said he thought buyers would begin to re-enter the market somewhere between 8000 and 8500. Although the DOW recovered later in the day, the following morning it immediately fell below 8000 (approximately 600 points).

Keep your pencil and eraser at the ready. :-)

[defendandprotect]

3. Really interesting how throughout Bushco's criminal reign ....

the House of Cards held until just the last moments for the final steals--!!!

[unkachuck]

4. "...two-day decline to 873 points."

....what's wrong wall street? didn't you receive your ransom money?....c'mon boys, gamble those financial vehicles, move this economy forward, full speed ahead!

....remember, you said,"...give us your money or we'll crash your economy." so, we gave you our money, didn't we?

....now, if you're going to continue to crash our economy, we'll have to think long and hard about crashing your economic system and future....and then you'll have to find real jobs....