Market today
 

Financial taking a beating, as expected.

AIG down 58%
Lehman down 95%
Bank of America down 19%
Wash Mutual down 22%
Citigroup down 15%
Wachovia down 22%

Not good news for sure...the nation(and the world) balance precariously on the whims of the Stock Excanges....mighty long way to fall.....almost makes me glad I'm not wealthy...almost

Rumor has AIG being sold around here.

The fed has already come out and said that it wouldnt back stop any deal involving AIG.

Who would want the contingent liability that comes with an insurer. Its not like you can book the losses and write them down. You wouldnt even know where your losses are yet.

But hey, if it gets done, that would be a huge deal.

And the market is tanking hard at the end of the day which makes me think that a huge bounce tomorrow isnt as likely.

Oil is dipping back under 94. People need cash and are dumping all long positions with any value.

wow..you're ambidextrous..I'm impressed

Dont hijack this topic. To borrow a line from BTW:

Shhh...the grownups are speaking.

(whispering)....spoken like a true hijacker!

Down 504, ouch!

Damn..I didn't see the finals....

Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

I thought they were rumored to be buying someone else?

Buying opportunities?? I know it seems like the sky is falling but the other sectors that fall in almost a "death by association" mentality will have value if one is prudent. Gotta hang in there and not freak out although watching losses of this magnitude will tighten your sphincter for you....

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else:wf :zz:

Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

its all good ;) Go Eagles!

http://www.marketwatch.com/News/Stor...mn=Bond+Report

you're absolutely correct. also, remember that the averages are weighted and the number of financials in the dow/s&p will make the numbers jump more in both directions, than they normally would. 4 of the 30 dow stocks are the financials that were down big, so that makes the average go down more.... if you look at what the average would have done without those 4, it would have only been down about 150, not 500.

Wrong... Merrill is NOT a dow component.

Here's the list of the 30 of them....

http://www.cnbc.com/id/26272770/site/14081545/

I will not check my mutual fund balance...I will not check my mutual fund balance...