RTE Radio News at 5pm said the wall street on this friday crashed

[PC Zapper]

RTE Radio News at 5pm said the wall street on this friday crashed

I went online but didnt find anthing else to say that

5% down on wall street I dint think was a crash

I thought a crash was 10% down in one day

Ok 20% down in a few days maybe is a classed as a crash

Most up to date link is this one but sure others exist but the RTE and BBC didn't say crash

CNNMoney.com Market Report - Oct. 10, 2008

Any ideas is this the big one or just a fore runner for Monday crash or what

If it is a crash looks to be a more likely wicked weekend for the polititions to probably cull some bloated banks even if the banks are their pals


PC Zapper

[Big Bobo]

Do you live in a different time zone to the rest of us?

[Sierra]

DOW is currently down around 4% and the NASDAQ is down around 3%.

And it is not even 5PM yet . . . .

[constitutionus]

thats it lads!

even TIMES out of wack.

tis rapture time !

[junketman]

To put it in a historical context, here is an excerpt from wikipedia on the 1929 crash.


Timeline

After an amazing five-year run when the world saw the Dow Jones Industrial Average (DJIA) increase in value fivefold, prices peaked at 381.17 on September 3, 1929.[19] The market then fell sharply for a month, losing 17% of its value on the initial leg down. Prices then recovered more than half of the losses over the next week, only to turn back down immediately afterwards. The decline then accelerated into the so-called "Black Thursday", October 24, 1929. A record number of 12.9 million shares were traded on that day. At 1 p.m. on Friday, October 25, several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont, acting head of Morgan Bank; Albert Wiggin, head of the Chase National Bank; and Charles E. Mitchell, president of the National City Bank. They chose Richard Whitney, vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase a large block of shares in U.S. Steel at a price well above the current market. As amazed traders watched, Whitney then placed similar bids on other "blue chip" stocks. This tactic was similar to a tactic that ended the Panic of 1907, and succeeded in halting the slide that day. In this case, however, the respite was only temporary.

Over the weekend, the events were covered by the newspapers across the United States. On Monday, October 28, the first "Black Monday",[20] more investors decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 13%. The next day, "Black Tuesday", October 29, 1929, about 16 million shares were traded.[21][22][23] The volume on stocks traded on October 29, 1929 was "...a record that was not broken for nearly 40 years, in 1968."[22] Author Richard M. Salsman wrote that on October 29—amid rumors that U.S. President Herbert Hoover would not veto the pending Hawley-Smoot Tariff bill—stock prices crashed even further."[18] William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks in order to demonstrate to the public their confidence in the market, but their efforts failed to stop the slide. The DJIA lost another 12% that day. The ticker did not stop running until about 7:45 that evening. The market lost $14 billion in value that day, bringing the loss for the week to $30 billion, ten times more than the annual budget of the federal government, far more than the U.S. had spent in all of World War I.[24]

An interim bottom occurred on November 13, with the Dow closing at 198.6 that day. The market recovered for several months from that point, with the Dow reaching a secondary peak (ie, dead cat bounce) at 294.0 in April 1930. The market embarked on a steady slide in April 1931 that did not end until 1932 when the Dow closed at 41.22 on July 8, concluding a shattering 89% decline from the peak. This was the lowest the stock market had been since the 19th century.[25]

Full article here

Wall Street Crash of 1929 - Wikipedia, the free encyclopedia

[MattM]

RTE Radio News at 5pm said the wall street on this friday crashed

I went online but didnt find anthing else to say that

5% down on wall street I dint think was a crash

I thought a crash was 10% down in one day

Ok 20% down in a few days maybe is a classed as a crash

Most up to date link is this one but sure others exist but the RTE and BBC didn't say crash

CNNMoney.com Market Report - Oct. 10, 2008

Any ideas is this the big one or just a fore runner for Monday crash or what

If it is a crash looks to be a more likely wicked weekend for the polititions to probably cull some bloated banks even if the banks are their pals


PC Zapper

What happened at the opening bell of the DOW was a crash.

In around 3 minutes the DOW fell 700pts

But it bounced back up 500pts within 10 minutes.

[Evestown2]

thats it lads!

even TIMES out of wack.

tis rapture time !

Oh god, does that mean that Palin was right?

[euroboy]

looking at the volume, the dow and ftse are near capitualtion.

the heavy falls this week on wall street have been within normal trading volumes, its not half way through the trading day and the markets have almost reached their average volumes.

increasingly the iseq is not the worst performer today.

[PC Zapper]

What happened at the opening bell of the DOW was a crash.

In around 3 minutes the DOW fell 700pts

But it bounced back up 500pts within 10 minutes.

That was a 8% drop not 10%

FT was 8.8% drop at close

All top 100 companies fell initialy and finaly 99 were in the red at the close with one bank down 20%

But I thought the definition of a crash was 10% drop in a day when the market closes

Japan nearly got that at 9% loss on the day

PC Zapper

[KungFugazi]

What happened at the opening bell of the DOW was a crash.

In around 3 minutes the DOW fell 700pts

But it bounced back up 500pts within 10 minutes.

There is going to be a HUGE sell-off going into the close. Nobody is going to hold long positions over the weekend.