US stocks fell for a third day on Wednesday.
Citigroup Inc. and the S&P’s 500 Financials Index slid to 12-year lows as the Treasury scrapped plans to buy mortgage assets and shifted focus to consumer credit. American Express Co. tumbled 10 percent on a report the company may need government aid. Best Buy, the largest electronics retailer, lost 8 percent after saying profit will decrease in “the most difficult climate we’ve ever seen.” Occidental Petroleum Corp. dropped 11 percent as crude sank below $57 a barrel.
The S&P 500 dropped 5.2 percent to 852.3 and lost 8.5 percent over the past three days. The Dow Jones Industrial Average retreated 411.3 points, or 4.7 percent, to 8,282.66. The Nasdaq Composite Index lost 5.2 percent to 1,499.21, a five-year low.
Meanwhile, Russian shares sank sharply on Wednesday before trading was halted as investors digested lower oil prices, uncertainty over the rouble, and worries about the Kremlin’s interference in the economy.
The price of insuring Russian debt soared as credit market sentiment turned dramatically against Russia and some of its leading companies.
Russia’s RTS stock exchange index fell 12.5 per cent in the first three hours of the session before trading was suspended for the rest of the day.
(Bloomberg / Yahoo Business / Financial Times)
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8 Responses
I thought with the election of the messiah Obama this would be a non issue.
Amazing how the markets did better in the days coming up to the election when it seemed McCain would actually pull it off and how it tanked again since the election.
Oh well. Its gona be a rough 4 years but I guess we could hope for a midterm election swinging Congress the other way. Maybe that will swing the market upwards again?
obama is making a change b4 hes in the office……………..for the bad sorry s.c.
maybe mccain should start campaghning again
listen roth he cant obama was elected!!!
If anybody has any experience with stock trading, you may want some advice. I’ve been making so much money in the last week – it’s crazy. All I do is short the market. You can sign up with my stock adviser at muathe.com. He charges about $200 for the year, but I made that in 20 minutes today!
The guru says that we have just about broken all of the previous barriers, and the dow is on its way down to 5-6000.
Buy fxp and eev for the meantime….but I take no responsibility if you don’t know what you’re doing!
P.S. I’m a ben torah just like you!
ChalabiJew
WOW thanks! How long have you been with this guy? Is he consistent?
Arie,
He’s usually very good. He’s had his ups and downs, but overall he reads complicated stock charts to gauge the direction of the markets. In the last two weeks, he hasn’t been wrong once. He says that we should “short the market like there’s no tomorrow”. If you want to get a feel for him for free, you can view his free twitter page at: twitter.com/muathe.
That’s how he communicates with us regularly, but he keeps the secrets in videos reserved for subscribers. Good Luck!
(I’ve noticed you’ve been chasing my ideas, Arie!)
ChalabiJew
Yes, I was especially impressed that you got the LEH short. good for you! I subscribed for the 2 week trial, so we’ll see what happens.