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OUCH!
By JLP | December 11, 2007
Here’s today’s chart for the Dow Jones Industrial Average:
I guess the market wanted a bigger cut in the discount rate .
Topics: Business News, Investing | 5 Comments »
December 11th, 2007 at 11:46 pm
I think it was good the Fed delivered 25bps instead of 50bps. Just a few weeks ago, the Fed was claiming the subprime mess was contained and the economy was strong. If they cut too much, it looks like panic.
Additionally, larger drops will put further pressure on the dollar, which invites inflation.
For now, I guess the Santa Claus rally might be over…or at least halted until the market finds a Rudolph to lead its sleigh.
December 12th, 2007 at 7:09 am
What happened yesterday? I watched garmin drop pretty hard. They like to do that.
December 12th, 2007 at 10:14 am
Wall Street wants the Fed to kiss its skinned knee and make it all better. This Fed meeting “wager” each time really makes me uneasy that there’s very little holding this market up.
December 12th, 2007 at 4:19 pm
The new American philosophy of borrowing your way to prosperity is still alive and well. I was hoping it would die with the credit crunch.
December 12th, 2007 at 4:31 pm
the picture looks nasty, but it was due to the sharp spike at the start of trading. despite the big drop in the chart, the dow did end the day up.