Dow Takes Wild Tumble
China Shock Sparks Plunge Before Modest Recovery
By MADLEN READ
AP
NEW YORK (Feb. 27) – Stocks had their worst day of trading since the Sept. 11, 2001, terrorist attacks Tuesday, briefly hurtling the Dow Jones industrials down more than 500 points on a worldwide tide of concern that the U.S. and Chinese economies are stumbling and that share prices have become overinflated.
The steepness of the market’s drop, as well as its global breadth, signaled a possible correction after a long period of stable and steadily rising stock markets, which had not been shaken by such a volatile day of trading in several years.
A 9 percent slide in Chinese stocks, which came a day after investors sent Shanghai’s benchmark index to a record high close, set the tone for U.S. trading. The Dow began the day falling sharply, and the decline accelerated throughout the course of the session before stocks took a huge plunge in late afternoon as computer-driven sell programs kicked in.
The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some ground in the last hour of trading to close down 416.02, or 3.29 percent, at 12,216.24, according to preliminary calculations. Because the worst of the plunge took place after 2:30 p.m., the New York Stock Exchange’s trading limits, designed to halt such precipitous moves, were not activated.
The decline was the Dow’s worst since Sept. 17, 2001, the first trading day after the terror attacks, when the blue chips closed down 684.81, or 7.13 percent.
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Is this the start of a major correction in the stock market? What do you think?
Chess is a luxury. Luxury does better in times with lots of money.
If the economy goes down bad, it could be very hard on USCF.
It is very important to make a profit in good times and have money saved up for the bad times. If you are in bad shape in good times then you are bankrupt in bad times.
Nobody in USCF really cares. Just give me all the money is the battle cry. After the USCF bankrupts, I guarantee all those who stole the money will be putting the uscf down and saying what a terrible organization it was. But right now they are busy stealing all the money.
Just the way it is.
NOW it is time to buy some, cause the curve of the DOW will go up again! That is only logical…
I like to read about chess. And you’re very good at writing about chess, Susan Polgar.
But the Stock market has really nothing to do with chess.
Also talking about a stock market, rather than the companies that make it up is pointless (unless you’re a economist phd who has something insightful to say). It is as meaningless as sports 😉 …
Maybe you need to get out of NY even more often?
I respectfullly disagree! Mix of content is great. Sometimes better than talking about 4 short drawn games at Linares for example!
Thanks Susan!
I post about things that interest me 🙂 That could be chess, sports, music, movies, Broadway, the stock market, the economy, jokes, science and sometimes even national / International politics.
Not all chess players focus only about chess 🙂
Best wishes,
Susan Polgar
http://www.PolgarChess.com
An expected correction dued to profit taking in the oversea market. US market will recover from this.
Susan,
I love to collect chess sets. What is your best ones?
Susan, I think… that you are one of the few chessplayers who has the means to care about the stock market!
But thank god you are not an economist! I attended the Eastern Economic Assn. Conf. in Boston one year. Some of the guys told me at an Irish bar that their taxi driver asked them, “Are you some of the 3 percenters?” They took the bait and said, “What’s that?” – “The 3 percent of economists who are right!”
WAG: retrace. a bit steady. then long term down when we start paying for Iraq with cash instead of credit. Inflation will rise and the dollar will drop. Tomorrow morning – possible buying opp for in and out later while the getting is good. Meanwhile, the pros will make gains on both the ups and the downs. The suckers will lose both ways. Life as usual on the street.
Anonymous Frank
Of course Susan can be interested in stock exchange! Why not?
Commerce is her primary thing.
Greenspan still has a lot of credibility, and he warned of a recession end 2007. He has been known to be right before, so people sell. I could go a lot further (say 5-10%) if he is proved right by economic indicators…
🙂 A DOW plunge should be good for chess:
such an event could make at least some of the big money bosses aware that a dollar spent on chess sometimes may be a dollar more wisely spent than a dollar spent on the stock market…
“Of course Susan can be interested in stock exchange! Why not?
Commerce is her primary thing.”
I just wish, if she had something to say, she’d say it, rather than always asking someone else to say it for her. If she thinks it’s the start of a major correction, why not say so? If she thinks Topalov is too tired to play well, why not say so instead of trying to put the idea in the poster’s minds and getting them to say it.
lay off your negative vibes and gtfooh anos.
you cannot dictate what others will do with their blog.
why don’t you start your own blog.
that way we can comment similar crap like yours.
capiz?
signed by:
tired of your whining
“lay off your negative vibes and gtfooh anos.
you cannot dictate what others will do with their blog.
why don’t you start your own blog.
that way we can comment similar crap like yours.
capiz?”
I gotta better idea. YOU get your own blog, where you can censor any speech that doesn’t kiss up to Susan enough for your low standards. In the meantime, stop embarrassing Susan with your grovelling toadying. The day she says that no dissenting opinion is allowed here, then I’ll listen, but your words are meaningless.
Capiz? Dismissed, Toad.
>>tired of your whining
You don’t know who I am. Tired of your lying.