Stocks Turn Lower, Dow Drops 150 After Fed

[mahatmakanejeeves]

Source: CNBC

Published: Tuesday, 9 Aug 2011 | 2:44 PM ET
By: JeeYeon Park
CNBC.com Writer

Stocks wiped out earlier gains to trade lower in choppy trading Tuesday as investors digested the Federal Reserve's statement that it will keep its monetary policy stimulus at least through 2013.
....

The Federal Reserve said it will keep its monetary policy stimulus for "at least through mid-2013" in an effort to support a flagging economy and fragile global markets that faced considerable internal dissent.

It was unclear whether the decision, which involved no new committment of funds for bond purchases, would be enough to put a floor on a U.S. stock market that has fallen more than 15 percent in the last two weeks.

Read more: http://www.cnbc.com/id/44073098

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That didn't take long. The DJIA had been up for most of the day, but it turned on a dime as soon as this decision was announced.

Some random stocks and averages

[xchrom]

1. Recommend

[Hasso]

6. You'd think Dow 11,000 were the end of the world

It's time someone pointed out that we'd be at under 5,000 on the Dow right now if shrub were still president. So how many trillions of dollars of saved wealth do those 6,000 Dow points represent, anyway?

[former9thward]

10. That is ridiculous. The market has never operated in that fashion under any president.

[Hasso]

11. All I'm saying....

is that the stock market would be a lot lower were it not for Barack's policies. You don't believe that the president's policies have any effect on the market?

[former9thward]

15. No, I actually don't.think the president has much to do with it.

The market is a reflection of global business and global factors. If we were going to credit the president then we would have to credit Bush since the highest Dow ever was 14,100 or so in October, 2007. Do you want to do that?

[ananda]

2. Is anyone surprised?

It's as though the power elites are doing everything possible to
undermine and decimate any possibility for recovery.

[DCKit]

4. They profit either way. nt

[caseymoz]

12. Randian economics in action.

Atlas Shrugged tells them that the economy should be surging if they cut interest rates, cut taxes and cut government. In the real world, that's not working, so, they reason, they must cut more. By the time they figure out real life isn't like an Ayn Rand novel, the world's going to be in rubble.

[MineralMan]

3. Buy the rumor. Sell the news. Sometimes it doesn't even seem

to matter what the news is.

[Swede]

5. Thank god they are not touching interest rates til 2013,

That would have been bad for everyone.

[tridim]

7. Might as well place your all your 401k money on the roulette table

It doesn't matter which color, either red or black is much safer than the fixed, schizophrenic Dow Jones Casino for the crminally rich.

[Lifelong Protester]

8. Now up again, +173 at 3:17 EDT

[mahatmakanejeeves]

13. Yes, I see.

It's 3:46 now. I should have waited an hour before posting. The DJIA went from being up 185 points to being up 235 points in about five minutes.

[Bragi]

9. It's a contest between Obama and Bernake

We will know at the end of trading whose midday reassurance rattles the market more.

[Unvanguard]

14. As of right now the Dow is up nearly 300 points.

Which is what you'd expect to result from a Fed announcement that it will commit to actually supporting an ailing economy.

[Hugin]

16. Oh, catch up... 300 positive now!

:crazy: