Business

Dow Closes Down Over 400 Points

NEW YORK (AP) — Stocks have plunged after more signs of economic weakness triggered a global sell-off.

The Dow Jones industrial average is down 419 points, or 3.7 percent, to 10,991. The S&P 500 is down 53, or 4.5 percent, to 1,141. The Nasdaq composite is down 131, or 5.2 percent, to 2,380.

In the United States, there were reports that more people joined the unemployment line last week than a week earlier. Gasoline prices contributed to higher inflation. And manufacturing slowed in the mid-Atlantic. Investors also worried about debt problems in Europe, where bank stocks fell on worries about their access to funding.

The yield on the 10-year Treasury note briefly fell to a record low. And gold rose to a record high as investors moved into investments considered safer.

Comments (48)

  • callingumout
    Posted on August 22, 2011 at 1:03am

    Three words for everyone that wants something that will hold value…
    Beans,Rice,Bullets.

    Report Post » callingumout  
  • retiredintexas
    Posted on August 21, 2011 at 8:43am

    If you want to be business and advertise it should not be at the expense of Blaze.

    Report Post » retiredintexas  
  • gstclairinc
    Posted on August 21, 2011 at 8:38am

    @ Bruceybanner- are you serious? Widespread poisoning of the American people from shale mining? Wow, get a grip. The regulations against are the poison.

    Report Post »  
  • Cat
    Posted on August 20, 2011 at 9:46am

    MAD, I tell you, it’s MAD!
    Mutually Assured Destruction

    Report Post » Cat  
  • Atokaite
    Posted on August 19, 2011 at 7:33am

    Understand the Stock Market stats are 6 month leading indicators. Fluctuation now, declines generally, indicate the period of Jan 2012, to June 2012, will be mostly chaotic, inflation, and loss of paper monies. Add to this, the Sept, thru November of chaos of the Super Congress Fiscal Commttee, and you can discern the reasons why. Congress comes back in Sept, OBAMA has a plan in Sept. By Thanksgiving, the economy should be in just the position for Wage and PRice controls, AKA Nixon Economists.
    Folks, Glenn has told us, stock up Store up, Buy Gold. Pray. Better advice cannot be found.
    The Midwesterners on the Plains and Delta states fully grasp where this Fiscal Policy is driving us. We have withstood floods, Tornados, and poor harvests. This year is just the norm.
    WE WILL SURVIVE and PREVAIL
    Semper Fi

    Report Post » Atokaite  
  • Cold War Vet
    Posted on August 19, 2011 at 1:09am

    It’s RACISM! It‘s obviously GW Bush’s fault!

    [/SARCASM]

    Report Post » Cold War Vet  
  • RationalMan
    Posted on August 19, 2011 at 12:37am

    The Dow has been up to high anyways…(Artificial Numbers). Since when has Dow stayed up that high when “Unemployment” is skyrocketing??? This is diffidently a “PSEUDO” reading!!!

    My opinion, Dow ought to be around 5000-6000

    QE1 and QE2 was keeping the market afloat, no more QE3!!!!!!

    Report Post »  
  • packsack54
    Posted on August 18, 2011 at 10:01pm

    Buddie do you have a extra C-note for a meal?

    Report Post »  
  • packsack54
    Posted on August 18, 2011 at 10:00pm

    :Look back in history, October 1928 market clashed rallied slowly back to 1937. then clashed again til after the start of WWII, 1939 supplying England with war products. In today outlook, market clashed in March 2000 do to the tech bulb and clashed again 2008 due to bank and risky practices? Rallied into July 2011 and now will continue do to chaos in Europe and England will make the market clash to levels not seen since 1928.

    Report Post »  
  • Ready2Rumble
    Posted on August 18, 2011 at 8:04pm

    I wonder if Soros and company were selling short again?

    Report Post » Ready2Rumble  
  • The Eradicator
    Posted on August 18, 2011 at 6:57pm

    Dang it!…I just got out my good time dancing shoes. I though everything was fixed.

    *Puts shoes back in the closet*

    In all seriousness, our money is tied up over there, their money is tied up over here. The other countries money is tied to another country. The market is world based now, folks (as maney of you know). The problem is that it is so volatile out there right now, that if someone as so much sneezes in Europe, we lose 300 points.

    Like Glenn says, forget the stock market. It is not a barometer of what’s really going on. Its up one day, down the next. If they do run QE3, we are liable to see the market, once again, perform positively. However, while is is performing well, our dollar will be taking another shot to the gut. Watch the other hand, if you will.

    Report Post » The Eradicator  
  • WhatsYerProblem
    Posted on August 18, 2011 at 6:19pm

    Conservatives: If the stock market goes down, it‘s Obama’s fault. If it goes up, it has nothing to do with Obama.
    Liberals: If the stock market goes down, it has nothing to do with Obama. If it goes up, it’s because of something Obama did.

    Games. The volatility seems to me more because of consumer confidence is low and investors are skittish about any negative news – wherever it comes from (Europe, Asia, US). Nobody wants to miss the boat if something truly catastrophic happens. Look for a rebound tomorrow, unless more bad news comes out of Europe.

    Report Post » WhatsYerProblem  
  • gmoneytx
    Posted on August 18, 2011 at 6:13pm

    Did you see the new movie The rise of the Planet of the Apes…When I asked that question on another article, I was called a racist…boy, context makes a big difference, doesn’t it.

    Report Post » gmoneytx  
  • DallyWama
    Posted on August 18, 2011 at 6:07pm

    OBAMA………

    winning……….

    the………

    future……….

    Report Post »  
    • iamHeidi
      Posted on August 19, 2011 at 3:48pm

      Eeeeeeeeeewwwwwwwwww………..

      Eeeeeeeeeeewwwwwwwwwwww………….

      Eeeeeeeeeewwwwwwwww…………………. Nfw!!

      Report Post » iamHeidi  
  • lylejk
    Posted on August 18, 2011 at 5:56pm

    Dow keeps yoyo-ing but gold just steadily goes up. Just wish I had money to invest; it would be in Gold or silver. Ultimately thought, you can’t take it with you and those gamblers between Wall and Broad will loose it all one day. :)

    Report Post » lylejk  
    • Joe Potus
      Posted on August 18, 2011 at 6:07pm

      Blah blah gold blah blah silver blah blah we are all broke so why does this advice matter?

      Report Post » Joe Potus  
    • kindling
      Posted on August 18, 2011 at 8:22pm

      It is true when you go from this life you can’t take it with you…….but you can take someone else’s

      Report Post » kindling  
  • rds1945
    Posted on August 18, 2011 at 5:35pm

    Dow down, it’s bad luck
    Dow up, I have saved the economy
    Dow down, it’s bad luck
    Dow up, I have saved the economy
    Guess who???

    Report Post »  
    • MidWestMom
      Posted on August 18, 2011 at 5:53pm

      The idiot who occasionally sits in the oval….Do I get the prize? LOL

      Report Post »  
  • ChiefGeorge
    Posted on August 18, 2011 at 5:22pm

    OK now is it time to buy back in?

    I tell you the truth, the folks out there are taking a bath once again…any money left will be squeezed completely dry for every nickle and dime. If the market does not gain again…look for another significant drop as the folks will realize that they are going to lose it all. I can hear that sucking sound already.

    Report Post » ChiefGeorge  
  • timej31
    Posted on August 18, 2011 at 5:15pm

    But I got gold on my toof. I can’t use it!

    Report Post » timej31  
  • LadyIzShy
    Posted on August 18, 2011 at 5:13pm

    but Gold was way up

    Report Post » LadyIzShy  
    • kindling
      Posted on August 18, 2011 at 8:26pm

      GOLD does not change value…….it is the money you use to buy it that changes. If you think about that carefully you will cry.

      Report Post » kindling  
  • notmeatglennbeckdotcom
    Posted on August 18, 2011 at 4:54pm

    Hope & Change at its best. If this doesn’t exemplify a laser-like focus on jobs, I don’t know what does.

    Report Post »  
  • LibertyMama
    Posted on August 18, 2011 at 4:54pm

    Hmmm… guess my first comment about how to avoid inflation was illegal. Oh well, Blazers are smart enough to know how to use their gold and silver.

    Report Post » LibertyMama  
  • Snowleopard {gallery of cat folks}
    Posted on August 18, 2011 at 4:44pm

    Once again we see history repeating itself, as Glenn has mentioned repeatedly. Europe is coming apart at the seams, and soon will either break up or collapse under the linked economic mess they have from Greece across the various nations. Soon enough it will be Americas turn unless we get this mess taken care of and turned around.

    Report Post » Snowleopard {gallery of cat folks}  
    • AvengerK
      Posted on August 18, 2011 at 4:48pm

      boy I‘m glad Mr Obama has announced he’ll have an announcement about an economic plan right after he gets back from his vacation.

      Report Post »  
    • ChiefGeorge
      Posted on August 18, 2011 at 5:24pm

      Just when they are circling like vultures over Israel…at home their countries are being cut to shreds. This is Gods Holy wrath on those who seek to destroy Israel. Including us!

      Report Post » ChiefGeorge  
  • SREGN
    Posted on August 18, 2011 at 4:35pm

    Quick Lemmings! Panic! Sell low right now so you can buy high after the next election. Turn that stock into nice safe cash so the coming inflation can eat you alive. Get a grip, people.

    Report Post »  
    • IntransigentMind
      Posted on August 18, 2011 at 4:37pm

      Cute! Tell you what, why don’t you go ahead and hang in there while the bubble bursts, instead of selling now. That’s perfect. I like you smart guys.

      Report Post »  
    • Blackhawk1
      Posted on August 18, 2011 at 4:40pm

      Hey this wasn’t suppose to happen! Obama didn’t give an economic speech today he went on another vacation for the next 10 days.

      Report Post » Blackhawk1  
    • hauschild
      Posted on August 18, 2011 at 4:43pm

      Well, I sold about a month ago and saved a considerable amount of money. The only tricky part is deciding when to get back in, if ever.

      I figured this was going to happen last year, but the spin doctors and meddlers were in full-gear mode and they hid the issues for a while.

      With this POTUS and Congress, you’d have to be an idiot or naive to play the market at this point.

      Report Post »  
    • SREGN
      Posted on August 18, 2011 at 4:43pm

      No offense I-Mind, but this ain’t no bubble. Dow is low relative to long-term trend line.

      Report Post »  
    • hauschild
      Posted on August 18, 2011 at 5:03pm

      @SREGN

      But, don‘t you think there’s something “different” in the air now with regards to the market? Should be rely on conventional wisdom, or should we be vigilant? Has there ever been a more anti-business sentiment in this country? Has there ever been more acceptance of socialism in this country? Have we ever been this far in debt before?

      I think these questions alone mean you can throw trend lines out the window. There are too many forces going against the market right now for me to be confident in sustained growth.

      Report Post »  
    • ChiefGeorge
      Posted on August 18, 2011 at 5:25pm

      Ride it down once again like in 2007-08, ride the housing market down to like 2005-2008. Get out stupids…

      Report Post » ChiefGeorge  
    • fatjack
      Posted on August 21, 2011 at 11:59am

      The difference between a recession and a depression is; recession is when your friends are laid off and a depression is when you are laid off.

      Report Post » fatjack  
  • freedomofspeech
    Posted on August 18, 2011 at 4:35pm

    yep, beck called it two years ago. told everyone to buy 50lbs of rice and store it. Our debt is being called in.

    Report Post »  
    • SimpleTruths
      Posted on August 18, 2011 at 5:04pm

      This dip doesn’t have anything to do with the US, or very little at best. We live in a world economy and right now Europe is dragging the market down. It literally would not matter who was POTUS as far as these fluctuations of the market are concerned.

      Report Post » SimpleTruths  
  • Glenn is Right
    Posted on August 18, 2011 at 4:27pm

    I am buying 30 year T-bills! It’s a fire sale people!

    Report Post » Glenn is Right  

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