Dow Closes Up 936 Points! Record Gain!
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James Joyner | Monday, October 13, 2008 |
The stock market has set records today. Good ones, for a change.
Wall Street stormed back from last week’s devastating losses Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments’ plans to support the global banking system reassured distraught investors. All the major indexes rose more than 11 percent.
The market was expected to rebound after eight days of precipitous losses that took the Dow down nearly 2,400 points, but few expected this kind of advance, which saw the Dow by far outstrip its previous record one-day point gain, 499.19, set during the waning days of the dot-com boom. The Standard & Poor’s 500 index also set a record for a one-day point gains.
Aren’t you glad you didn’t sell your holdings last week in an idiotic panic?
About the Author: James Joyner is the publisher of Outside the Beltway and the managing editor of the Atlantic Council. He's a former Army officer, Desert Storm vet, and college professor with a PhD in political science from The University of Alabama. He lives just outside the Beltway in Alexandria, Virginia.
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Clearly the market was buoyed by the selection of Paul Krugman for the Nobel Prize in Economics!
While Krugman getting the Nobel Prize was certainly a great stimulus there is no doubt that the real push came from Obama's great new economic recovery he announced today. You know the plan that spends more on the 'middle class', paid for by 'cutting taxes on the middle class' while taxing those pesky entrepreneurial rich folks; creating publicly funded jobs while cutting the federal budget; mandating expanded business funded benefits while increasing taxes on those rich nasty 'ol businessmen; and all the while making sure that we keep our dependence on foreign oil intact. Yep, that plan surely must be the real reason for the 936 point jump in the market.
Guess everyone heard that the "John McCain Economic Recovery Plan" does not, in fact, exist...
(wonder how Palin feels about being hung out to dry on that one)
Since this happened during the Bush Administration, I guess McCain gets the credit, as he's been blamed by proxy for the stock fall...
Actually, I don't think this is an end in itself, I think there will be a lot of volatility in the market place for a while.
I didn't sell anything but I wonder if my mutual fund managers succumbed to the panic. I also wonder if the managers of the Oregon Public Employees Retirement System maintained a cool head since any shortfalls in the fund have to be made up by the taxpayers. There are a lot of people who make decisions that I will pay for who I have no control over. I may not be panicked but are they?
The real question for me is who sold and drove the prices down? Who exactly are these nervous Nellies and what do they think they are doing?
Fortunately, this won't be allowed to happen under an Obama administration. Wealth will not just disappear, it will be taken.
I have been buying all the way down ... only time will tell if I'm smart, or stupid...
Blah 900+points, big deal, gas is down a buck and half around here, I can buy sum food woohoooooooooo!!!!!!
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