Tuesday, December 22, 2009, 6:52PM ET - U.S. Markets Closed.
Updated from 10:39 a.m. EDT
Stocks tumbled around the world Monday in reaction to Friday's post-bailout slide in the U.S. and a growing crisis in Europe's banking system.
Update: Monday morning, the Dow traded below 10,000 for the first time since October 2004. At 11:00 a.m. EDT, the index was down 450 points, or 4.4%, to 9579, while the S&P and Nasdaq were each down more than 5%.
Earlier: Once viewed to be relatively insulated from problems in the "Anglo-Saxon" banking system, institutions in Germany (Hypo Real Estate), Belgium (Fortis) and Italy (Unicredit) either received or were seeking major infusions of capital, much of it coming from local governments.
The Fed took additional steps Monday morning to try to stem the burgeoning crisis, including:
In part because of the Fed's actions and a persistent (and potentially fatal) "buy the dip" mentality among traders, the Dow's early decline was muted relative to major Asian and European markets, which were down mostly in the 4.5% to 6% range. In recent trading, the Dow was down about 300 points, or 2.9%. This morning, it traded below 10,000 for the first time since October 2004.
"The Federal Reserve stands ready to take additional measures as necessary to foster liquid money-market conditions,'' the central bank said in a statement.
Beyond a rate cut, which many traders are expecting, the Fed -- and other government agencies -- can take more extreme measures, including:
I'm being facetious about that last item but, at this point, anything is possible.
Who knows today may be another 700+ point drop. Find out who voted yes for the bail out and dont vote for that person another term.
can you say 1930s Here is my two cents on all this bail out,first and foremost as most of you are seeing is a cascading failure of banking industries world wide so how did 700 billion stop it? it did not, in order to get back on track first everyone as a whole needs to spend a few pennies more buying American made products not products that contain malmine or lead base paint when are people going to wake up? do you really think all of those taintings went unnoticed first our children toys then pet food now candy and baby formula do not be so naive stop buying products made in other countries that have very relaxed standards of quality. USA pride helped us after the 1930s stock market crash, it can work again BUY ONLY PRODUCTS MADE IN THESE GREAT USA!!!!
Forex went over a cliff when NY opened this morning... Dow down 550pts... This should be an interesting week, eh?
No way will I ever invest in the stock market again. Obviously it is no longer a free market -- so they can keep it.
THAT'S RIGHT WORLD.....IF WE GO DOWN WE'RE TAKING YOU WITH US!!!!! USA USA USA
This is a once in a life time buying opportunity! We'll be telling our grandkids about the money we invested today and how it was the foundation for our wealth. We'll just have to wait 20 years to tell those stories... I predict the down below 9,500 this week! Buy with passion. MM
dang! they took the money and ran.....tat ain't nice! $700 billion and $4.38 sense wus mine.
Well once again this shows that the Government has no clue, the one thing they will not say is DEPRESSION. All markets are down all over the world, this is not just an American problem. Hope you all have money stuck between the mattress because this is only get worse. Pay attention folks, we are right on the edge of TOTAL economic collapse.
Rather than buying 700 billion in toxic waste, would not we have been further ahead if we had purchased 700 billion in physical metals and started to shore up the dollars value?
Ask yourself a basic question; Is John McCain, or Obama, good for your wallet and your freedom? One fact I know, two years ago when I discovered Ron Paul my life has improved dramatically, has yours?
Well if you bought at 14000 then most of your life savings are gone.
Russian market crashing ..... the idiots spread terrorism even to their own people. LOL They are trying to take over South America by sending in military hardware over there. Build more refineries, drill in ANWAR in Alaska and the Northern Dakotas. Promote more on the natural gas initiative use in cars. The DOW .... I mean Vegas is now showing its true colors.
This mess was caused our government over riding the free markets and introducing defacto central planning. For example coercing banks into giving high risk loans. And as a solution we are getting - more government meddling (the $700 billion dollar bailout), more central planning. Comrades, let the market self correct and your hands off the free market.
What the heck is happening???? This Bailout was supposed to lift the markets, but from the time this bail-out was announced, the markets have going down!!! If this is the case, then there shoudl not be any Bail-out.. Looks like some outside body is controlling the markets, and there are bent on seeing that US's economic power comes down!!! If there was a $1Trillion loss in the US economy, where did all the money go????
I think the market needs jesus. Lets all get together and pray.
Close the markets or enact a " buy only" scenario until people wake up or come to their senses. I'm so sick, and tired of this non-sense.
How about the government buy up the whole stock market?? Haha, these suckers have no idea about how free market works eventhough they've been living in it their whole life time.
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sportsmadness - Monday October 06, 2008 10:46AM EDT
Get rid of the ARM loans. I like it when Neal Cavuto comments to each Congressman who denies knowing about this crisis with "I'm sorry were you sleeping during this mess or what" Barney Frank that is the biggest idiot in Congress. I would be embarrassed to be from that state who voted for him. He talks like a bumbling idiot.