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Old August 16th, 2007 #1
Donnachaidh
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Default Dow loses 300 points this morning on top of 1200 already lost

NEW YORK (CNNMoney.com) -- Stocks tanked Thursday afternoon, building on the recent bloodletting, as investors took lender Countrywide Financial's latest woes as evidence of bigger problems for the credit and mortgage markets.

The Dow Jones industrial average (down 295.98 to 12,565.49, Charts) fell over 300 points, or 2.3 percent, with 3 hours left in the session, after ending the previous session at its lowest point in almost four months. The broader S&P 500 (down 32.33 to 1,374.37, Charts) index lost 2.3 percent and the tech-fueled Nasdaq Composite (down 66.07 to 2,392.76, Charts) index fell 2.7 percent.

Stock losses accelerated in the afternoon following the release of a surprisingly weak Philadelphia Fed index, around the same time that the New York Stock Exchange instituted trading curbs to limit the downside.

As of early Thursday afternoon, all three major gauges have fallen over 10 percent from the 2007 highs hit in mid July, the formal definition of a market correction.

Georges Yared, chief investment strategist at Yared Investment Research said that the major gauges probably have another 3 percent to 5 percent selloff looming before a significant recovery is staged.

http://money.cnn.com/2007/08/16/mark...ex.htm?cnn=yes
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Old August 16th, 2007 #2
Bill Marr
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Old August 16th, 2007 #3
Donnachaidh
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Ha, I just tried to access my brokerage account and all I get is a system error message. Fortunately, I covered my ass last week as best I could. What I owned actually went up today.
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The Western democracy of today is the forerunner of Marxism which without it would not be thinkable. It provides this world plague with the culture in which its germs can spread.

-Adolf Hitler (Mein Kampf)
 
Old August 16th, 2007 #4
Scott Clarke
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I'm losing my fuckin' shirt!!!
 
Old August 16th, 2007 #5
Kievsky
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Quote:
Originally Posted by Scott Clarke View Post
I'm losing my fuckin' shirt!!!
??? I didn't take you for a stock investor, but maybe that's why your name is "Hedge?" As in "Hedge fund?"
 
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