Susan Lisovicz | Bio
CNN Financial Correspondent
We all knew it was going to be a bad day. A trader was wearing a Dow 10,000 cap before the open. When those hats were passed out a decade ago during the long bull market, every day on the trading floor was like a cocktail party. Now you might as well wear a hard hat the way stocks are falling.
The Dow fell below 10,000 very early into trading. There was some yelling on the floor but it was subdued. Everybody knew there was more to go.
By the afternoon there were fewer than 100 stocks moving higher at the NYSE. 3,100 were selling off. Everybody was wondering if this was going to be The Big One. When the Dow surpassed last Monday’s loss, there was much more spirited shouting on the floor. It was 2:45pm, and unless stocks really fell off the cliff, there would be no halt in trading at that late hour.
But then a funny thing happened. Buyers stepped in and traders were disappointed. They wanted to see the big cathartic purge that often establishes a floor to the selling.
It didn’t happen today. But we’re early into October, a month that has a unique association with falling markets.
| Annie Kate |
October 6th, 2008 9:32 pm ET I can remember when the stock market went over 10,000 - it was about a decade ago and I was working in Tennessee. That seems like a lifetime ago now. When things were bad in the 1980s I didn’t pay that much attention to them because I was still in school and the only thing I was worried about were final exams. Now though I cringe at each drop of the market because I know my 401K is dropping also. In this market are US treasury bonds (savings bonds) a better investment for some of my money? I got some of those to help with my children’s tuition, etc at college. Maybe I should get some more?? Annie Kate |
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| Marchelle |
October 6th, 2008 9:38 pm ET I know this is old hat but how is this baikout supposed to help us if anything it is hurting us. The banks still won’t give anyone with money a loan my daughter 19 who is in collage if she needed any money at all for furthering her education would not be able to get a student loan. |
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| Bret Peters |
October 6th, 2008 9:42 pm ET It always takes time to heal wounds. This is just to stop the bleeding. We put a patch on it, and now we are waiting the blood to slow down enough, to see how bad the wound really is ! After that we will know how we can proceed. It is just a start, we have a long way to go. Together we can solve it and recover. |
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| Paul |
October 6th, 2008 10:22 pm ET It seem that most of us are missing the real picture. The Federal Reserve, a private bank with no reserve, establishes monetary policy. Look into this outfit. |
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| Heather |
October 6th, 2008 11:13 pm ET I always wondered if 16,000 was any artificial high. Maybe we will eventually come to the surface after falling to the bottom. |
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| Dave Cunningham |
October 6th, 2008 11:19 pm ET I can’t believe somone would go on your show and say “We should move on… pointing fingers and holding hearings won’t accomplish anything”. That attitude is what got us in the fix we are in. No accountablility, no consquences, no one will know. Well, we know now, and will know more in the future. And we should know how, when, and most importantly, who. That’s the only thing that will keep it from happening again. |
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