The dow, naz, and amex are now starting to really dump. If the inflow from 401k's stops, it will be interesting to see how long it takes for people to shift around into things with more value.>>
>>Dow industrials fall to fresh session lows
NEW YORK- - The Dow industrials slid further to fresh session lows in afternoon trading on Wednesday as
the broad market selloff gathered pace once again.
''I thinks it's pretty broad based. It's an ugly tape,'' said Dan Baker, co-director of institutional trading at D.A. Davidson and Co.
At 1357 EDT/1757 GMT, the Dow was off 145 points at 8818 after brushing a new low for the session at 8797.
Baker said concerns about Russia, and the stability ofIndonesian and Japanese banks on top of two weeks of weakness in U.S.
stocks were an excuse to pull the market lower.
"There is no leadership in this market," Baker said.
The S&P500 index was off 16 points at 1077.
The Nasdaq shed 32 points to 1745.
The long bond remained buoyed by safe-haven buying, and was up 8/32 to yield 5.82 percent.
Financial and tech stocks were particularly hard hit, the two sectors which have provided the market with upward direction in
recent months.
The other day Russia held an auction for their last oil company.
Suggested minimum bid was $2.1 billion US. Guess what, there were no bidders. |
