Not a Surprise, What Goes Up Always Goes Down
MarketWatch
U.S. stocks plunge to worst 1-day drop since 2001
Tuesday February 27, 4:25 pm ET
By Nick Godt
NEW YORK (MarketWatch) -- U.S. stocks plunged to their worst one-day performance since 2001 on Tuesday, with the Dow Jones Industrial Average dropping 200 points in one minute around 3 p.m. before recovering some ground by the close, after a sell-off in China fueled concerns about growth.
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Concerns that tighter credit conditions in China and Japan might dampen global growth first sent Shanghai sliding 9% overnight before the sell-off spread to other markets.
The Dow Jones Industrial Average (DJI:^DJI - News) fell 415 points, or 3.3%, to close at 12,216, its worst one-day drop since September 2001.
Following weakness last week, the blue-chip average has now erased all its gains for the year so far.
After sliding all day, U.S. stocks seemed to fall off a cliff in the afternoon, as data providers failed to keep up with selling programs, noted Stephen Sachs, head of trading at Rydex Investments.
"There's not even a flight to quality into gold or the Swiss franc, which tells me that we're closer to the beginning than to the end of this," Sachs said.
http://biz.yahoo.com/cbsm-top/070227/f22e4630baad29bd4d6c044dfc3359fa.html
Looks like it's only going to be a tough time for the future.
U.S. stocks plunge to worst 1-day drop since 2001
Tuesday February 27, 4:25 pm ET
By Nick Godt
NEW YORK (MarketWatch) -- U.S. stocks plunged to their worst one-day performance since 2001 on Tuesday, with the Dow Jones Industrial Average dropping 200 points in one minute around 3 p.m. before recovering some ground by the close, after a sell-off in China fueled concerns about growth.
ADVERTISEMENT
Concerns that tighter credit conditions in China and Japan might dampen global growth first sent Shanghai sliding 9% overnight before the sell-off spread to other markets.
The Dow Jones Industrial Average (DJI:^DJI - News) fell 415 points, or 3.3%, to close at 12,216, its worst one-day drop since September 2001.
Following weakness last week, the blue-chip average has now erased all its gains for the year so far.
After sliding all day, U.S. stocks seemed to fall off a cliff in the afternoon, as data providers failed to keep up with selling programs, noted Stephen Sachs, head of trading at Rydex Investments.
"There's not even a flight to quality into gold or the Swiss franc, which tells me that we're closer to the beginning than to the end of this," Sachs said.
http://biz.yahoo.com/cbsm-top/070227/f22e4630baad29bd4d6c044dfc3359fa.html
Looks like it's only going to be a tough time for the future.