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NEW YORK – An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years. The Dow broke through a bottom reached in November, pulled down by sharp declines in key financial shares. It was the lowest ending for the Dow since Oct. 9, 2002, when the last bear market bottomed out.

The move below that level dashed hopes that the doldrums of November would mark the ending point of a long slump in the market, which is now nearly halfway below the peak levels reached in October 2007.

The market's inability to rally signals that investors see no immediate end for the recession, which is already 14 months old and one of the most severe in decades. Investors also haven't been impressed with two major economic initiatives from the Obama administration this week, an economic stimulus package and a mortgage relief plan.

"It is definitely, definitely a blow to psychology," said Quincy Krosby, chief investment strategist at The Hartford, referring to the Dow's finish. "There is more pessimism in the market as to when the economy is going to pick up steam."


(Full article here).

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ORIGINAL: corysub

It is amazing how ideology blinds people to fact..

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ORIGINAL: corysub

The market has given it's uncensored verdict on the "Stimulus Spending Package" that the democrats put over on the taxpayers of this country

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party that takes your money, lies to your face about what it's platform is and how much it will DO FOR YOU and in the same breath calls you scum because you are broke - no money losers and doesn't hesitate to screw you....

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Can you be a little more specific? Are you talking about the republicans or the democrats?

(in reply to mefisto69)

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ORIGINAL: SpinnerofTales

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ORIGINAL: corysub

The market has given it's uncensored verdict on the "Stimulus Spending Package" that the democrats put over on the taxpayers of this country

Let me take a moment to understand your post. The fact that the economic reports that came out today indicated that we now have 5,0000,000 people unemployed (obviously slackers wishing to live high on the government tit at the taxpayer's expense), that the gdp is forecast to shrink even further than previously reported and the financial sector, in shambles after eight years of government approved fiscal irresponsibility has nothing to do with this. It is all due to the 30 day old Obama administration. Is that the point you're trying to expound?

Is it also your contention that if there had been no stimulous package or perhaps another TARP style giviaway to the very CEO's who helpped the economy melt down so ably, that we would be experiencing a resurgence in our economic fortunes? Or perhaps if they just allowed the "market discipline" (a comment very firmly shown to be in the oxymoronic category of jumbo shrimp or millitary intelligence) to take it's course, by now we would have been rolling in clover?

If this is your belief, I have some forclosed swampland in Florida I'd very much like to talk about selling you.

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ORIGINAL: Evility

But hey... Congress' approval rating is up. 

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ORIGINAL: NormalOutside

Who cares about party affiliation anymore?  If you do, you're a fool.  That's political crap that we invented to confuse and mislead each other.  What actually matters are things like happiness, community, love, kinky bdsm sex with cumshots galore, sound money, personal freedom, science, equality, and so forth.  We're focussed on RIDICULOUS things, people, seriously.  Think about what you put your mental energy into.  Fighting about stupid "parties" is madness, much like Sparta!  Don't do it.  Think about what is real.  Realize you are connected to the planet you're standing on right now.  That is what matters, not the stupid political/economic GAME that we invented.  It's done, fallling apart around us.  Pick up things that matter, improve relationships, get your shit together.  And of course, buy silver.  If you do nothing else, buy physical in-your-hand silver.