Big Black Monday in the US markets !

The Bailout Plan Fell in Congress  205 : 228

Image from Paul Kedorsky

Stocks cliff dived on Wall Street. The Dow Jones Industrial Average closed down 777 points its biggest-ever one-day point decline breaking the 9/11 low of 684 points, or 7.1%, (wiki)

There seems to be a complete lack of faith , of the common man or taxpayer in their President , Treasury Secretary , Lawmakers and the Fed.

Is this Wall Street Vs Main Street?

The Democrats are blaming the Republicans for their lack of support for that bill. It is also a signal that the politicians are increasingly uneasy about their future election prospects and about public anger against the Regulators Rating Agencies and the Fat Cats of Wall Street – especially the CEOs who got their golden parachutes while wrecking the financial s and people loose millions in stock market losses. Its also advantage Barack Obama, over Senator John McCain.

The US markets have given a loud and clear reaction to the failure of the bailout Bill in the US Congress.  Bush must be disappointed especially with Republican congressmen including many Texan Republicans who voted in the Nay Camp.

Paulson has vowed continued efforts on rescue plan

Expect a big fall in the International markets and another Record Fall or Black Tuesday with a gap down opening on the Indian Markets. Everyone wants to send out a Message, and though it will take time i think some solution will eventually come out sooner than later ..

Dow 10,365.45 Change -777.68 – 7% And lower overnight
Nasdaq 1, 983.73 Change -199.61 -9.1%
S&P 500 1, 106.42 Change -106.85– 8.8%
10-year, 3.63% Change -0.20
Oil$ 96.37 Change -$10.52 …Phew that is a big one day fall
Gold$ 894.40 $5.90… And up overnight – Move to safety?
Vix 46.72 Change:+11.98 +34.48% : Whoa! that’s a big jump
Data from Marketwatch.com
Financials Whooped :
BAC : Bank of America: 30.25, -4.56, -13.1%
AXP : Amex Bank : 32.55, -6.95, -17.6%
C : Citigroup: 17.75, -2.40, -11.9%

Important Stocks:
* General Electric      23.10   -2.15   (-8.51)
* Alcoa                     21.38   -2.16   (-9.18)
* Apple Inc             105.26   -22.98   (-17.92)
* Google Inc ‘A’      381.00   -50.04   (-11.61)
* General Motors        8.51   -1.25   (-12.81)
* Wal-Mart Stores    58.45   -2.26   (-3.72)
* Exxon Mobil          74.06   -6.59   (-8.17)
* Ford                        4.17   -0.64   (-13.31)
* IBM                      114.46   -4.96   (-4.15)
* Yahoo                    16.88   -2.04   (-10.78)
* Starbucks               14.17   -0.79   (-5.28)
* Microsoft               25.01   -2.39   (-8.72)
* Time Warner          12.90   -1.31   (-9.22)
Were heading for interesting times !
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5 thoughts on “Big Black Monday in the US markets !

  1. Interesting is an understatement, my friend… The bailout plan is just plain bullshit, and everyone knows that… I feel sorry for that country for electing such an idiot…

  2. True
    and this is good i think because it is democracy working ground up

    but no one is talking about the billions spent on bombs in Iraq

    Seems like there will be a bill and it will be passed sooner than later hopefully by this weekend and this is all grandstanding by the politicians and big market players ..

    The countries that have Dollar and denominated reserves and have supported the dollars and US bonds will seriously think before they invest more henceforth , Higher Interest rates are a near certainty in future for the US .

    The Americans know and realise that thanks to fed policy they have also got it real easy for the last 7 yrs and there are tough times ahead

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