Stocks opened sharply lower in the wake of a global stock market sell-off. The major indices have managed to pare a good portion of their losses due to leadership from financials and retailers after the Fed cut interest rates before its scheduled meeting.
At midday, the Dow is down 175.01 points, off its best level of the session. The Average is well off its lows, though, as it was down 464 points shortly after the opening bell.
The selling pressure followed steep declines in overseas markets on fear of a U.S. recession. The Hong Kong Hang Seng, the Shanghai Composite and India plunged more than 10% in the last two sessions. link
Doesn't look good! _________________
"Linux is more than an OS, it's a state of mind."
Stocks opened the day with a big plunge, but came off their lows after digesting news that the Federal Reserve was coming in with the cavalry.
The Fed this morning cut the federal funds rate, the rate at which private banks lend to other banks, by three-quarters of a percentage point to 3.5% in an emergency move. The Fed also cut the discount rate by three-quarters of a percentage point to 4%
I'm getting in while it's down. Started up some long over due 401k. Something that was a low priority when I was self employed. I'm thinking if the market is down it's a good time to buy some stuff if you didn't already have anything. _________________ You can't hold a liberal responsible for their words because it's character assassination.
I suspect the market will teeter a lot due to being an election year. Especially with the crop of idiots we have running. Sheesh! It'll be a yoyo year for stocks me thinks.
I'm holding on for long term although I might have to take a risk or 2 since folks usually panic and sell, sell, sell when the market drops.
