2 July 2008
Stock Pain Continues: Bear Market Arrives
Posted by Terrie Soberg under: Emergency Preparation; What's News; World Economy .
From ABC News:
Investors looking for some good news as the stock market headed into the second half of the year were disappointed today as the Dow Jones Industrial Average fell 166 points and officially entered the much-dreaded bear market territories.
Wall Street officially became home to a new bear market today as the Dow plunged 20 percent below its October high. Oil’s record price and a report showing poor results on factory orders.
It was only back on Oct. 9 when the Dow hit its all-time record high close of 14,164.53 points.
The Dow closed today at 11,215, down more than 20 percent from the October high, officially making this a bear market.
Driving down stocks today was yet another new record for oil and a poor report showing poor factory orders. Oil closed at $143.57 a barrel today, up $2.60 in just one day.Also leading to today’s sell-off was fear from investors about tomorrow’s government report on employment in June and an analyst report downgrading automaker GM, sending its shares plummeting.
Nobody needed this official designation to know things are bad on Wall Street.
It has been a miserable 2008 for stocks, thanks to a bad housing market, credit problems that have shaken the nation’s largest banks, skyrocketing oil prices and declining automobile sales.
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4 Comments so far...
David Soberg Says:
2 July 2008 at 8:32 pm.
Nice bear.
Bryon Says:
2 July 2008 at 9:11 pm.
Ya it is. Don’t you just want to pet it?
I wouldn’t like to be that close though.
Ghost Says:
2 July 2008 at 9:15 pm.
I guess the bear is a general indicator that we are officially struggling as an economy. I am seriously…seriously glad we put in a big garden this year. With gas and food what it is, it makes all the difference. Plus it is great to have good fresh foods to feed our one year old son.
Cavetrollhead Says:
4 July 2008 at 1:11 am.
Well the good new is that it will soon be a buyers market. Lets hope our wallets survive to buy.
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