Dow drops! Oil price drops!
Posted by Carlos C. on Monday, September 29th, 2008 at 4:09 pm
Worst point drop ever!
The Dow dropped 777.68 points!
Oil dropped $11.31 to $95.58 per barrel!
Gold shot up $22.80 to $911.30 an ounce!
Breaking News…
Developing…
UPDATE 1: JPost.com
Oil slides $10 a barrel on weak demand outlook
Oil prices have fallen more than $10 a barrel as worries that a US bailout plan won’t win legislative approval increase fears of a prolonged economic downturn.
Monday’s steep decline came as House lawmakers were voting on the $700 billion rescue plan. Analysts say if the plan fails to win approval and the economy weakens further, consumers and businesses around the globe would likely cut back on energy use even more.
Light, sweet crude for November delivery briefly dropped $10.01 to the $96.88 level on the New York Mercantile Exchange. Prices quickly pared some losses, rising to $98.22 a barrel.
The Dow Jones and Oil prices continue to fall…
Developing…
UPDATE 2: It looks like the Dow Jones will settle at 10365.45 points. The Dow has fallen 777.68. This is worse than when the Dow fell 710 points on September 17, 2001, the first day the markets opened after 9/11.
Gold shot up $22.90 to $911.40 an ounce.
Oil is down $11.33 to $95.60 per barrel.
UPDATE 3:
WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.
The stock plunge began even before the 228-205 vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record, on the day after the Sept. 11, 2001, terror attacks, though in percentage terms it was well short of the drops on Black Monday of October 1987 and at the start of the Depression.
If you have 401k plans, as well as IRA and Roth IRA accounts, please do yourself a favor and do NOT check these accounts. Save yourself the heartache and wait until the market goes back up.
UPDATE 4: The Dow Futures are already down 600 points.
(3 Ratings)
Filed Under: = BREAKING NEWS =, News & Politics
Join the Discussion: 7 Comments »
