The Bull Pulls the Bear out & Leaves The Dow down
ITS OFFICIAL - the Dow Jones has a bear loss on Wall Street as of today the Bull market is over. The loss of shares in one of America's and the world most influence able stock Market has been on the slide since its highest mark on October 9th, 2007 (14,164.5). Today's Dow closed at 11,215 with tomorow world markets still unopen it remains unknown what these market will do from todays news from wall street. Everchanging
The Dow sank into a bear market on Wednesday as U.S. stocks fell on growing concerns about the toll that record oil prices are taking on the economy and corporate profits.
After flirting with bear market status for several sessions, the Dow closed 20 percent below its October peak as it was no longer able to withstand the avalanche of warnings about banking losses, surging inflation fears and weakening consumer confidence.
Adding to the gloom, Treasury Secretary Henry Paulson said high oil prices, further home price declines and capital markets turmoil will prolong the American economy's slowdown.
"This market is not for the faint-hearted right now," said Kurt Brunner, portfolio manager at Swarthmore Group in Philadelphia, Pennsylvania. "I really don't see us getting out of this quagmire, this dark zone anytime soon -- I don't believe we'll see a whole lot of positive rhetoric surrounding earnings coming up, given record oil prices and the concern about the global economy slowing."
Most Recommended Comment
New Orleans, Louisiana, United States