October 6th, 2008
09:24 PM ET

Then a funny thing happened...

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2008/images/10/06/art.dow.tenthousand.hat.jpg caption="Trader Arthur Cashin wears a 'Dow 10,000' hat, one that was given out when the Dow Jones Industrial Average first hit 10,000 on March 29, 1999, as he works on the NYSE trading floor Monday."]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.

Filed under: 360° Radar • Bailout Turmoil • Economy • Susan Lisovicz
soundoff (13 Responses)
  1. Dave Cunningham

    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.

    October 6, 2008 at 11:19 pm |
  2. Heather

    I always wondered if 16,000 was any artificial high. Maybe we will eventually come to the surface after falling to the bottom.

    October 6, 2008 at 11:13 pm |
  3. Paul

    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.

    October 6, 2008 at 10:22 pm |
  4. Bret Peters

    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.

    October 6, 2008 at 9:42 pm |
  5. Marchelle

    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.
    I feel the banks should suffer on there own but now it is all on the american people to pay all of this bank through our taxes but why. It wasn't us who gave out the bad loans. This is a bill that should have never been passed. And now california wants money tell them no. I was the republicians that got in this mess let them get out of this mess on there penny. Just remember the republicians are for the rich people not the middle class Oboma is for the middle class. And when Busch gets out of office he should be looked into by the FBI as well as thes banks.

    October 6, 2008 at 9:38 pm |
  6. Annie Kate

    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
    Birmingham AL

    October 6, 2008 at 9:32 pm |