DJIA Closes Under 11,000 for First Time Since March

Roland99

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Wed Jun-07-06 03:19 PM
Original message

DJIA Closes Under 11,000 for First Time Since March

DJIA 10,930.90 -71.24 -0.65%
Nasdaq 2,151.80 -10.98 -0.51%
S&P 500 1,256.15 -7.70 -0.61%
Dow Util 408.51 -2.35 -0.57%
NYSE 8,037.06 -63.65 -0.79%
AMEX 1,910.34 -14.15 -0.74%
Russell 2000 706.78 -4.18 -0.59%
Semcond 447.55 -10.81 -2.36%
Gold future 632.60 -2.10 -0.33%
30-Year Bond 5.10% +0.02 +0.31%
10-Year Bond 5.03% +0.02 +0.40%

Surprised NASDAQ wasn't worse given INTC hitting a 3-yr low.

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MadHound

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Wed Jun-07-06 03:27 PM
Response to Original message

1. Markets are finally catching up with reality

Rising energy prices, rising interest rates, rising inflation all means that Americans have less discretionary income. And since our economy is tied entirely too tight to the need for consumers to spend, spend spend, our economy is going to suffer.

I think that the markets were whistling past the graveyard for the past month or so, but reality is now staring them in the face, and they're going to drop like a rock. The only question now is how far and how fast.

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Warpy

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Wed Jun-07-06 03:34 PM
Response to Reply #1

2. Over the past four years

9000 seemed to be the magic number that would trigger a rush of funny money to support the market. I fully expect the market to get that low, but I don't expect it to get lower and I don't expect it to stay there. The fact is that there's still a lot of money out there looking for a place to be stashed, the housing market is chancy, and foreign stock exchanges are all seriously in the red, most by double digits and some by 50%.

I'm staying put for now. My inheritance took a big hit last month but all that stuff is still generating income and will continue to do so.

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AX10

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Wed Jun-07-06 03:39 PM
Response to Original message

3. This correction was expected.

There is no reason for the Dow Jones to move so close to 12,000. The DJIA should fluxuate throughout the 10,000 range for the next 2 years.

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