Debate Politics Forums - View Single Post - U.S. Stocks Tumble: Some Comparisons from Past Recessions

donsutherland1 · 07-15-08, 04:12 PM

Dow closes below 11,000 for the first time since July 2006, S&P at lowest close since November 2005…

After being battered by a gale of bad news punctuated by a roaring Producer Price Index, anemic retail sales growth, and a continuing decline in manufacturing activity in New York State that sent the Dow Jones Industrials to as low as 10,827.71, the testimony of Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson provided a dose of confidence to the anxiety-swept markets. The storm of selling abated. The gloom lifted. By early afternoon, stocks had returned to higher ground with the Dow rising to as much as +68.48. However, just as had been the case yesterday, the respite was only temporary. A sharp wave of selling in the closing 30 minutes drove stocks solidly into the red.

Today, the Dow Jones Industrials closed at 10,962.54. That is its lowest close since the Dow closed at 10,868.38 on July 21, 2006.

To date, the Dow Jones Industrials has now fallen 22.6% from its October 2007 peak of 14,164.53. In inflation-adjusted terms, the Dow is now 25.8% below its peak.

The S&P 500 closed at 1,214.91. That is its lowest close since November 2, 2005 when it closed at 1,214.76. To date, the S&P 500 has now fallen 22.4% from its October 2007 peak of 1,565.15. In inflation-adjusted terms, the S&P 500 is now 25.6% below its peak.

07-15-08, 04:12 PM	#36 (permalink)
donsutherland1 Moderator Mod team member Join Date: Oct 2007 Last Online: Yesterday 11:36 PM Location: New York Posts: 2,465 Thanks: 812 Thanked 1,571 Times in 877 Posts Lean: Centrist Gender: Awards:	Re: U.S. Stocks Tumble: Some Comparisons from Past Recessions Dow closes below 11,000 for the first time since July 2006, S&P at lowest close since November 2005… After being battered by a gale of bad news punctuated by a roaring Producer Price Index, anemic retail sales growth, and a continuing decline in manufacturing activity in New York State that sent the Dow Jones Industrials to as low as 10,827.71, the testimony of Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson provided a dose of confidence to the anxiety-swept markets. The storm of selling abated. The gloom lifted. By early afternoon, stocks had returned to higher ground with the Dow rising to as much as +68.48. However, just as had been the case yesterday, the respite was only temporary. A sharp wave of selling in the closing 30 minutes drove stocks solidly into the red. Today, the Dow Jones Industrials closed at 10,962.54. That is its lowest close since the Dow closed at 10,868.38 on July 21, 2006. To date, the Dow Jones Industrials has now fallen 22.6% from its October 2007 peak of 14,164.53. In inflation-adjusted terms, the Dow is now 25.8% below its peak. The S&P 500 closed at 1,214.91. That is its lowest close since November 2, 2005 when it closed at 1,214.76. To date, the S&P 500 has now fallen 22.4% from its October 2007 peak of 1,565.15. In inflation-adjusted terms, the S&P 500 is now 25.6% below its peak.