Dow dropped more than 400 points today

[Unreliable]

[quote=LATimes]The Dow Jones industrial average was down more than 400 points at midday as pessimism about the global economy grew.

Wallst The Dow had dipped to 11,490, down 406 points, or 3.4%, at 11:25 a.m. Pacific time. Broader indexes were down more sharply, with the technology-heavy Nasdaq composite index plummeting 3.6%.

The Dow and the Standard & Poor's 500 index were both down more than 10% from their 2011 highs, putting them in "correction" territory.

Most stock markets in Europe ended the day down at least 3% after prices declined steadily during the day. Investors there are worried about increasing debt problems in Italy and Spain.

The drop in the U.S. came after a one-day respite Wednesday from nearly two weeks of declines.

Before trading opened on Wall Street, the Labor Department announced that the number of people applying for unemployment benefits last week fell slightly from the week before. But the report, following a raft of disappointing economic data in recent days, was taken by many gloomy investors to indicate only that the stalled job market was not improving.

Some investors also were selling to protect their portfolios before Friday's monthly announcement of unemployment data.

"It’s almost a very simplistic thing here, there has just been indiscriminate selling," said Michael Purves, chief strategist at BCG Financial. "Markets work in strange and mysterious ways –- and sometimes it takes awhile for routs like this to get going."

Investors have been moving into perceived safe havens such as gold, Treasury bonds and the Swiss and Japanese currencies. The value of the yen was down Thursday about 3% against the dollar after Japan's central bank moved overnight to sell yen to protect the country's export economy. Switzerland's central bank took a similar step Wednesday to limit the value of the Swiss franc.[/quote]

Sources:
[url]http://latimesblogs.latimes.com/money_co/2011/08/dow-drops-more-than-400-as-market-plunge-continues.html[/url]
[url]http://economictimes.indiatimes.com/markets/global-markets/sp-500-and-dow-both-fall-3-per-cent/articleshow/9484625.cms[/url]
For shits and giggles: [url]http://nation.foxnews.com/president-obama/2011/08/04/dow-plunges-obama-parties[/url]

It's hilarious reading some of the fox news comments:

[quote]Yup, it looks like the obama/alinsky plan to destroy this country and turn it into a soviet state is going along right on schedule.............[/quote]
[quote]America does not need Barack Obama, America needs Barack Obama to go.[/quote]

This isn't helping our recession. Within the first hour of the markets open, they dropped 100 points. As illustrated by this graph from google. [url]http://www.google.com/finance?client=ob&q=INDEXDJX:DJI[/url]

[Polyethylene]

Transitioning into the "double-dip" recession.

[Hostel]

I love those fox news comments, because the debt crisis "compromise" they made consisted of about 90% of republican ideas.

[Xenocidebot]

[QUOTE=Unreliable;31532701]This isn't helping our recession.[/QUOTE]
Helps buyers, though. Sink a couple grand into a solid performer that supports direct purchases, you'll save a couple bucks thanks to the hit.

[Polyethylene]

[quote]Dow Plunges, Obama Parties....

WHY? because Obo is a socialist who wants Capitalism to fail....

Read more: [url]http://nation.foxnews.com/president-obama/2011/08/04/dow-plunges-obama-parties#ixzz1U5pEqICI[/url]
[/quote]

[img]http://a7.sphotos.ak.fbcdn.net/hphotos-ak-snc4/61959_1587135766575_1481237305_1502219_62980_n.jpg[/img]

[mac338]

Fuck, I have many DOW stocks.

[deathstarboot]

500+* points.

[Unreliable]

Dow and S&P dropped below 3%, so you're fucked in each.

[Polyethylene]

[QUOTE=mac338;31532853]Fuck, I have many DOW stocks.[/QUOTE]

[img]http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash1/167895_1794126221207_1481237305_1910145_4520571_n.jpg[/img]

[sir whoopsalot]

And life goes on in [del]Liberty City[/del] the US of A as barely anyone knows what any of this shit means.

[Mr. Someguy]

So Republicans get their way, DOW falls, Obama's fault.

I hate my country.

[Contag]

Well, I suppose the ASX is going to take a beating in a few hours when it opens.

[Polyethylene]

Is the nyse done for the day?

[Mr. Someguy]

[QUOTE=Miskatonic;31532887][img]http://a2.sphotos.ak.fbcdn.net/hphotos-ak-ash1/167895_1794126221207_1481237305_1910145_4520571_n.jpg[/img][/QUOTE]

Okay I don't care who's side you're on, that's just awesome. :v:

[Polyethylene]

[QUOTE=Mr. Someguy;31532982]Okay I don't care who's side you're on, that's just awesome. :v:[/QUOTE]

[img]http://a7.sphotos.ak.fbcdn.net/hphotos-ak-snc6/163295_1735562157142_1481237305_1789773_1102899_n.jpg[/img]

Thanks, I collect them.

[Used Car Salesm]

Ha, I wonder if that's all the prospective short-sellers offloading their stock because the government failed to default.

[SwissArmyKnife]

Doesn't the DOW and stock market in general fluctuate pretty regularly anyway?

[mac338]

[QUOTE=SwissArmyKnife;31533466]Doesn't the DOW and stock market in general fluctuate pretty regularly anyway?[/QUOTE]

When DJI goes up or down by a hundred points a day it's a HUGE thing.
400 points is a GINORMOUS AMOUNT.

[sir whoopsalot]

[QUOTE=SwissArmyKnife;31533466]Doesn't the DOW and stock market in general fluctuate pretty regularly anyway?[/QUOTE]
Imagine being on a bit of a yoyo diet and you step on the scales one morning to find yourself having lost 50 pounds all of a sudden.
That should give you a decent image.

[Desolategrunt]

shit shit shitty shit shit
When was the last time it went up a reasonable ammount

[SwissArmyKnife]

[QUOTE=mac338;31533481]When DJI goes up or down by a hundred points a day it's a HUGE thing.
400 points is a GINORMOUS AMOUNT.[/QUOTE]

[QUOTE=Sir Whoopsalot;31533505]Imagine being on a bit of a yoyo diet and you step on the scales one morning to find yourself having lost 50 pounds all of a sudden.
That should give you a decent image.[/QUOTE]

Oh okay well that's bad then.

[mac338]

[QUOTE=Desolategrunt;31533856]shit shit shitty shit shit
When was the last time it went up a reasonable ammount[/QUOTE]

Summer 2007 was decent.

[Sobotnik]

Aw fuck!

[Cobbart]

bah [b]SHIT[/B]

[DainBramageStud]

well shit

[BBarnes005]

[QUOTE=Miskatonic;31533012][img]http://a7.sphotos.ak.fbcdn.net/hphotos-ak-snc6/163295_1735562157142_1481237305_1789773_1102899_n.jpg[/img]

Thanks, I collect them.[/QUOTE]

I love those images, if you can make a megathread with them.

[Kimr]

Ouch! This is like a small stab for Dow jones.

[SwissArmyKnife]

[QUOTE=kimr120;31535762]Ouch! This is like a small stab for Dow jones.[/QUOTE]

Sounds more like a bullet to the knee.

[Unreliable]

Looks like it dropped below 500 now. Apparently it's from uncertainty in buyers (my memory from watching CNN). It tells me the uncertainty is from the European debt crisis like Italy possibly defaulting and probably from the US's close scare.

[editline]4th August 2011[/editline]

Source: [url]http://www.cnn.com/2011/WORLD/europe/08/04/italy.economy.explainer/[/url]

[Sumap]

[quote=The Economist]It is not all to do with America: the euro zone is a mess (see article) and manufacturing everywhere seems to be slowing. But America’s prospects have suddenly darkened. Statistical revisions and some grim new figures have revealed a weaker-than-assumed recovery that has all but ground to a halt. Once stalled, an economy can easily tip back into recession, particularly if it is hit by a new shock—as America’s is about to be, thanks to a hefty dose of fiscal tightening made worse by the debt deal. The odds of a double dip over the coming year are uncomfortably high,[b] perhaps as high as 50%.[/b][/quote]
[url=http://www.economist.com/node/21525405] Source[/url]

Here we go,[i]again[/i].

But I do think this would have happened no matter what the deal turned out to be, but perhaps not as bad as this.