NEW YORK (CNNMoney.com) -- The Dow plummeted more than 350 points Thursday as selling accelerated following a record surge in oil prices. The three major indexes took a beating right out of the gate after Goldman Sachs downgraded two key Dow components, and two tech leaders disappointed investors.
The Dow Jones industrial average (INDU) shed 358.41 points, or 3%, to close at 11,453.42. The last time the index was near that level was 21 months ago in September 2006.
The Dow lost more points Thursday than any other day this year except for Feb. 5, when the indicator lost 370.03 points.
Despite the major selloff, however, the market is not yet in "bear" market territory. A bear market is defined as a drop of at least 20% off the recent high. The Dow closed at 14,164.53 on Oct. 9, and ended Thursday down 19.1% from that peak.
Here's the full article:
CNNMoney.com Market Report - Jun. 26, 2008
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Gawd. No wonder I'll never be able to retire. So far we are not in a bear market because we are only 19.1% off the peak, not quite 20% --- maybe tomorow.
I have this crazy theory that on the day Bush leaves office, somehow the Dow Jones Industrial average we will be at the EXACT same value as it was on the day he was sworn in. it will be as though those 8 years never exisited for the stock market. It will be one of those wierd surealistic conicidences of the Bush years that makes you just wonder if it is all a nightmare. I need to look up waht the Dow was at on that day--- I know it was very close to 10,000, so at 11,453.42, we aren't really that far off from completely flat performance given that it has been nearly 8 years. A 14% rise in 8 years is amazingly pathetic. Usually the Dow averages at least 7% a year, so you might expect us to be closer to 17,000 right now.
You can't blame it all on Bush, of course, but somehow I think as soon as he leaves office we sill see the markets take off.
