We opened at 10896 and we're currently at around 9875. That's a -1000 difference (~10%), which is a pretty scary drop.
Two days ago, the Euro fell significantly (nice job, Greece) and there was a 300 point plunge, but nothing this significant. And it happened about five minutes ago.
I don't have access to a radio at the moment. If you do, tune to the news and figure out what's happening. :ohdear:
edit: "A massive sell-off in stocks amid growing tension in Greece has erased year-to-date gains in the Dow, Nasdaq and S&P 500. The Dow Jones fell a whopping 996 points, or nearly 10%, the Nasdaq fell an astonishing 216 points and the S&P 500 fell 100 points. Most of the sell-off happened within just a few minutes; the Dow was down 500 points and if you looked away for just a few minutes, it was down 900."
...fuck.
You can go ahead and send Greece a thank you letter.
like we care, 90% of the people here are under 18, and dont use stocks.
Yey! Dumbs for my fortress.
It's constantly fluctuating, at -500 one minute, and at -395 the next.
For those who cba to check, here's an easy to understand graph
[img]http://imgkk.com/i/gtvv.png[/img]
[QUOTE=adamater;21777042]like we care, 90% of the people here are under 18, and dont use stocks.[/QUOTE]
Idiot.
Just because you don't have stocks doesn't mean it doesn't affect you.
we should invest when its dropped low,
so when it rises its a win win situation
[QUOTE=ketchup;21777150]Idiot.
Just because you don't have stocks doesn't mean it doesn't effect you.[/QUOTE]
Affect *
[QUOTE=adamater;21777042]like we care, 90% of the people here are under 18, and dont use stocks.[/QUOTE]
The stock market is directly affecting our country's economy, you idiot. Not only that, but some would argue it's the biggest indicator of a country's wealth and standing. Maybe you don't use stocks but as long as you're living in the country, this should concern you.
[quote]we should invest when its dropped low,
so when it rises its a win win situation [/quote]
Unfortunately, what happens in these situations is this. People know they want to buy low and sell high, so the people that want to buy are paying attention. The people that already have stock and panicking and selling stock. Now, normally this would be a good thing because then there's a lot of stock available, but now the people who want to buy low won't buy yet because if stock's dropping at this rate, it will continue to drop. Therefore, it's not at its lowest, so no one will want it.
There are plenty of global trends that have to do with this stuff, but it's hard to explain.
Here's a video explaining the Greece situation. Ignore the first five seconds.
[media]http://www.youtube.com/watch?v=mEVqeaFHsHE#t=0m10s[/media]
It pretty much doesn't.I don't pay bills.
Give me a way it affects me.
Thanks a bunch Zeus 'n friends :D
[QUOTE=adamater;21777167]It pretty much doesn't.I don't pay bills.
Give me a way it affects me.[/QUOTE]
I'm sure your parents pay bills do they not?
Stop being so fucking ignorant.
Good job Greece, way to take the rest of the world down with you.
Oh God not this again.
[QUOTE=adamater;21777167]It pretty much doesn't.I don't pay bills.
Give me a way it affects me.[/QUOTE]
Next time Mommy and Daddy can't buy you that brand new toy you want this is why.
I don't know what a portfolio is but I think mine is hurting right now
[QUOTE=adamater;21777167]It pretty much doesn't.I don't pay bills.
Give me a way it affects me.[/QUOTE]
You won't be able to afford Hello Kitty 2 when it comes out
[QUOTE=ManningQB18;21777311]You won't be able to afford Hello Kitty 2 when it comes out[/QUOTE]
Ah darn it
[QUOTE=Zeke129;21777308]I don't know what a portfolio is but I think mine is hurting right now[/QUOTE]
You don't need a portfolio to be hurt by this. (Although if you DO have one, god help you.)
Our stock market drops, and therefore the price of our US dollar drops. The dollar's value is technically always fluctuating, just rarely enough to make a significant difference. Now, however, when it drops like this, it's a significant difference. Which means most likely this will happen:
- Gas is going to shoot way the fuck up.
- The stock market will become a vicious circle of selling and not buying, and we're probably looking at a similar cycle as what happened last time.
- Everything will be more expensive. (Not necessarily because the price of certain things will go UP, but mostly because the value of our dollar will go DOWN. This is true not only on the global scale, which is the initial worry as far as the Market's concerned, but on an intranational scale as well (which is why that cheeseburger you so deliciously crave will now jump in price.) But don't worry, sweet lardbelly, because in theory, we should be okay if we can stabilize the market. This will be hard to do, however, because country economies are hard enough to manage by themselves, let alone trying to let it work along with every other country on earth.
Now, unfortunately, this is all amplified by the fact that we're coming out of a worldwide recession, and as such, everyone's money is extremely fragile.
But, unlike last time, we didn't start this one. Fuck you, Greece. :fsmug:
[img]http://www.facepunch.com/fp/rating/information.png[/img]
[QUOTE=kmathis;21777189]I'm sure your parents pay bills do they not?
Stop being so fucking ignorant.[/QUOTE]
u mad bro
oh im so cool sounding like an angry bad-ass over the internet yeeeeeah
lol
[editline]01:32PM[/editline]
[QUOTE=Zinayzen;21777423]You don't need a portfolio to be hurt by this. (Although if you DO have one, god help you.)
Our stock market drops, and therefore the price of our US dollar drops. The dollar's value is technically always fluctuating, just rarely enough to make a significant difference. Now, however, when it drops like this, it's a significant difference. Which means most likely this will happen:
- Gas is going to shoot way the fuck up.
- The stock market will become a vicious circle of selling and not buying, and we're probably looking at a similar cycle as what happened last time.
- Everything will be more expensive. (Not necessarily because the price of certain things will go UP, but mostly because the value of our dollar will go DOWN. This is true not only on the global scale, which is the initial worry as far as the Market's concerned, but on an intranational scale as well (which is why that cheeseburger you so deliciously crave will now jump in price.) But don't worry, sweet lardbelly, because in theory, we should be okay if we can stabilize the market. This will be hard to do, however, because country economies are hard enough to manage by themselves, let alone trying to let it work along with every other country on earth.
Now, unfortunately, this is all amplified by the fact that we're coming out of a worldwide recession, and as such, everyone's money is extremely fragile.
But, unlike last time, we didn't start this one. Fuck you, Greece. :fsmug:[/QUOTE]
fyi Zeke is Canadian
[QUOTE=Saikotic;21777437]fyi Zeke is Canadian[/QUOTE]
He's still fucked, the Canadian dollar's almost on par with ours. He's just probably going to have an easier time stabilizing.
And I have no idea how Canada's stock market operates.
Didn't this happen in 2007/8?
[QUOTE=radioactive;21777511]Didn't this happen in 2007/8?[/QUOTE]
Yeah. This is different because we're not to blame, but it's still going to hurt if this dropping doesn't stop.
And what happened last year is making what's happening now even worse. We JUST came out of a worldwide recession (it wasn't just us), so everyone's still trying to get back on their feet.
[b]Fun fact: Greece was so in debt, they considered selling off their islands to pay back the debts.[/b]
[QUOTE=radioactive;21777511]Didn't this happen in 2007/8?[/QUOTE]
And look what happened.
I'm not joking, but Serj Tankian just said "wreck economies of nations..." on Sky Is Over.
Guess what we'll be talking about in Economics tomorrow...
Dang Greeks. Where's Alexander when you need him?
One thing that's worth pointing out, though. Because the Euro is dropping so significantly (it's close to being on par with our dollar), if we stabilize before Europe does (normally unlikely, but at this point who knows? Greece's uprising has theoretically only started.), then the Euro will be worth less (and consequently, ours will be worth more). Go team USA. :patriot:
[QUOTE=Zinayzen;21777491]
And I have no idea how Canada's stock market operates.[/QUOTE]
Same as yours, they just have to shovel it out in the morning.
[QUOTE=Zinayzen;21777616]One thing that's worth pointing out, though. Because the Euro is dropping so significantly (it's close to being on par with our dollar), if we stabilize before Europe does (normally unlikely, but at this point who knows? Greece's uprising has theoretically only started.), then the Euro will be worth less (and consequently, ours will be worth more). Go team USA. :patriot:[/QUOTE]
:fsmug:
i blame Obama
I have no idea what just happened, but this exactly how the Great depression happened.
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