the dow dropped more than 500 points…more than 20 points in less than 30 seconds.
a perfect storm of bad news, including a drop in chinese stocks, a drop in durable goods sales by 8%, and continuing lower prices in the housing market, made for a maalox moment on the trading floor today.
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ironically, consumer confidence crept up to a 5 year high. but as was heard in skippy international headquarters today: “not any more.”
as of this writing the dow has snuck back up to a mere 430 closed at 400 points in the hole. still and all, a 4% drop is nothing to sneeze at.
addendum: we’re listening to cnbc tv, where the anchors are warning that this very well could be not the last of the selling, ie, more bad news tomorrow, and maybe for up to 5 days!