U.S. stocks slid, sending the market to its biggest two-day slump since 1987, after jobless claims jumped and the shrinking economy crushed earnings at companies from Blackstone Group Inc. to News Corp.
Blackstone, the world’s largest private-equity firm, fell 12 percent after posting the biggest quarterly loss in its 18 months as a public company. News Corp. sank 16 percent after the media company controlled by Rupert Murdoch said ad sales decreased. Exxon Mobil Corp. dropped 5.1 percent and Chevron Corp. fell 6.4 percent as oil tumbled to a 19-month low below $61 a barrel.
The S&P 500 Index fell 5 percent to 904.9, extending its two-day loss to 10 percent. The Dow Jones Industrial Average retreated 443.48 points, or 4.9 percent, to 8,695.79. The Russell 2000 Index of small U.S. companies declined 3.6 percent to 495.92. The MSCI World Index of 23 developed markets lost 6.2 percent to 921.87.
The two-day tumble wiped out more than half of the S&P 500’s rebound from a five-year low on Oct. 27.
(Bloomberg.com)
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4 Responses
And this has nothing to do with Election day???
what did i tell u all 2 days ago when the ,arket was up: “shtussim the market will “have the biggest loss” b/f u know it. the market has been very irrational lately”
Comment by sammyjoe — November 4, 2008 @ 5:10 pm
gohttp://www.theyeshivaworld.com/news/General+News/25443/Stock+Market:+Biggest+Election+Day+Rally+Since+1984.html
I earned over 30% in these two days shorting the market (as I posted yesterday). Dems always cause losses, but I didn’t expect that much. My expert says to short C and GS, but I don’t take achrayut if you don’t know what you’re doing!!!
ChalabiJew
We need some stock tips; a little bit extra cash won’t hurt in these times