Bankruptcy

Some Perspective on the Markets

By J. Michael McBride

It is always helpful to get some longer term perspective on the markets’ daily machinations. Most of the time, these long term views make us feel better about whatever it is that just happened. Not so today. “U.S. stocks fell, sending the Standard & Poor's 500 Index below 1,000 for the first time since 2003, on speculation banks and real-estate companies are running short of money as the credit crisis worsens….The S&P 500 slid 60.66 points, or 5.7 percent, to 996.23, extending its 2008 tumble to 32 percent in the market's worst yearly slump since 1937. The Dow Jones Industrial Average dropped 508.39, or 5.1 percent, to 9,447.11, giving it a 29 percent retreat in 2008 that would also be the worst in 71 years. The Nasdaq Composite Index lost 5.8 percent to 1,754.88.”

Here is a link to this informative article:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aBuMcg50xGVg&refer=worldwide

Michael

Full post as published by Texas Lawyer Blog on October 08, 2008 (boomark / email).