November 20th, 2008
09:16 PM ET

Evening Buzz: Market Mayhem

Maureen Miller
AC360° Writer

Ouch! It's been another rough day on Wall Street. The Dow plunged 445 points to close near the 7,550 mark. The S&P fell 54 points and the Nasdaq composite lost 70 points.

Let me put this way: It's as if we wiped away the past 11 years.

Here are some other numbers to consider:
– The markets lost $700 billion today.
– Over the past two-days the paper loss is approximately $1.3 trillion.
– About $2.8 trillion has been lost this month, so far.
– For 2008, there's been approximately $8.8 trillion in losses.

How low will the markets go? Tonight we'll talk it over with CNN's chief business correspondent Ali Velshi.

The lingering questions over the fate of the U.S. auto industry are dragging stocks down. The Senate has canceled a vote on a proposed $25 billion bailout package for GM, Ford and Chrysler.

Today lawmakers said the auto industry has until December 2 to show how the money would be used to boost their profits.

"If we don't get this done and they do go under, I believe that we're going to have a deep recession and quite frankly, from what I can pick up, we may just go over the cliff," said Sen. George Voinovich, D-Ohio.

Do you agree?

It's your money, your future. We'll have the latest developments tonight on AC360° at 10pm ET.

Filed under: Maureen Miller • The Buzz
soundoff (3 Responses)
  1. Francilien Romain

    Considering the big drop of the DOW today, the stock market really is in bad shape right now. Unless the government takes action fast and actually start create jobs by way of an enormous stimulus package it's only going to get worse. The number of unemployed people will keep on increasing, more houses will go into foreclosure, people will spend considerably less and the economy will go down from there.

    November 20, 2008 at 10:25 pm |
  2. Amy

    It seems we are heading toward a Depression .... ?

    I'd like to hear some discussion of this question from your

    Maybe President-Elect Obama needs to be thinking about who will head a contemporary WPA ....

    November 20, 2008 at 9:33 pm |
  3. Annie Kate

    I think we have already gone over the cliff and all we can do is look for something to hang onto to break the fall. The more bad news we hear about the economy the less confidence we have and the less confidence the worse it gets – wonder what breaks the cycle?

    Annie Kate
    Birmingham AL

    November 20, 2008 at 9:29 pm |