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February 23, 2009
Tonight We're Gonna Party Like It's 1997
But, hey! Wasn't Clinton President then? Life's grand again!
Stocks continued to slide today, with the Dow Jones industrials and the Standard & Poor's 500 Index falling to their lowest levels since 1997, as worries mounted that the deepening recession will overwhelm efforts to shore up the ailing financing system.At 2:25 p.m. ET, the Dow was down 119 points, or 1.6%, to 7,247. The S&P 500 was off 13 points, 1.7%, to 757. The Nasdaq Composite Index was off 31 points, or 2.2%, to 1,409, its lowest level since 2003.
As of 3:20 pm, the Dow is now down 209 to 7,156...change you can believe in!
Posted by Mr. Bingley at February 23, 2009 02:58 PM
Comments
oops, i meant "as of 3:02"; at 3:20 the dow is down 223...
Posted by: Mr. Bingley at February 23, 2009 03:23 PM
...as worries mounted that the deepening recession will overwhelm efforts to shore up the ailing financing system.
Should read "as worries mounted that efforts to shore up the ailing financing system will deepen the recession."
I really wish the MSN would catch these typos before they published.
Posted by: nightfly at February 23, 2009 03:49 PM
Sort of like my MSN/MSM typo, there.
Posted by: nightfly at February 23, 2009 03:49 PM
As I recall, the "Clinton economy" was supposed to be a time of great prosperity. So, I guess that everything is just peachy and there's no need to worry, right?
I "hope" that this time next year I have enough loose "change" left to load up in a sock and clock the nearest Obama worshiper in his pointy head.
Posted by: Gunslinger at February 23, 2009 05:30 PM
Sad to say the Dow ended the day down 250 points, and Obama addressed that gathering of financial geniuses this afternoon. I think the guy who shorts the market whenever The Won speaks might wind up wealthy.
Posted by: Retread at February 23, 2009 05:39 PM
At this rate of recovery, the market might be so SHORT we couldn't see it if we were standing on it...
Posted by: tree hugging sister at February 23, 2009 05:47 PM
What market, Sis? This time next year, the economy may well run on the barter system.
Now, how many cans of Vienna sausage would one get for a Scottie......?
Posted by: JeffS at February 23, 2009 09:32 PM
Relax a bit out there. The Dow is just above(7099) its 50% retrace of the all time high. The NDX isn't even close to its 10/02 bottom. Highly unlikely we are going to clean the 7,000 level right now. That day is probably coming and when it does we will be talking 1974 levels and not 1997.
Or not:)
Posted by: Yojimbo at February 23, 2009 11:53 PM