Stock Market Sees Worst Drop in Three Years

5 Aug

Your Black World reports.

 

The stock market plunged to its worst day since the 2008 financial crisis.  The Dow Jones Industrial Average moved down 512 points, the ninth biggest drop in history, as investors fears that there would be a global economic downturn.

"The conventional wisdom on Wall Street was that the economy was growing — that the worst was behind us," said Peter Schiff, president of Euro Pacific Capital. "Now what people are realizing is the stimulus didn’t work, and we may be headed back to recession."

Nearly every major index hit a steep drop yesterday, erasing nearly all the games that had been accumulated throughout the year.  The major market move was due, in large part, to the recent debt negotiations and reduced spending by the federal government.

"In the last two weeks, we’ve been through the ringer," said Rich Ilczyszyn, market strategist with futures broker Lind-Waldock. "When we start looking at the recovery, there’s nothing to hang our hats on anymore."

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4 Responses to “Stock Market Sees Worst Drop in Three Years”

  1. Samdromeda August 5, 2011 at 8:45 am #

    I thought that the economic downturn was about destabilized European markets. Investors turned back to buying treasury notes. There seems to be economic confusion and fears of loosing everything. A bigger sand pile does not make a secure playground. We can’t eat gold and silver. We cannot drink oil. As Chicken Little said, The sky is falling, the sky is falling. We still need to keep our communities safe and our economy within this economy functional. Buy farms and grow food. Garden. Manufacture. Ask for a life giving vision and work to bring it about. If necessity is the mother of invention then opportunity comes out of chaos like a plant growing through cement. The plant treats cement just like it is more soil to grow through to reach the surface and reproduce. Have fun nation builders.

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