After falling 800 points in a single trading session, the Dow pulled back to finish down just 369.88. [NYT]
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It was inevitable.
And to some extent, we (I doubt many Consumerist readers and commenters per se were directly involved, but the greedy screwballs out there) set it up, so it shouldn’t be a huge surprise when Dow points fall when the overinflated values turned out to be nothing more than polished turd.
@azntg: Well said. Was anybody who pays attention to this stuff even remotely surprised though? I certainly wasn’t. “Inevitable” was a common word with me over the weekend.
“just 369.88″
And why, exactly, is this phrased as GOOD news?
Because 369.88 is better than 800!
I know many people, especially those nearing retirement will not agree with me, but I view this market correction as a good thing. Everything was getting far too inflated. Especially Oil and Housing.
It was going up and down massively by the hour… a closing level seems kind of meaningless.
The market had more velocity than superman with more bounce than a happy fun ball.
The deleveraging and credit destruction needs to continue so that the economy can heal. It sucks for those attempting to retire when they have unwisely invested in equities, but those are the breaks.