Markets Falter as Techs Tank (updated for 400 Pt rally on Tuesday)

[Wretched Excess]

A selloff in big-name technology stocks sent the markets spiraling on Monday and landed the Nasdaq Composite at fresh six-year lows despite Merck's $41.1 billion bid for Schering-Plough.

Today’s Markets

The Dow Jones Industrial Average fell 79.89 points, or 1.21%, to 6547.05, the S&P 500 lost 6.85 points, or 1.00%, to 676.53 and the Nasdaq Composite sank 25.21 points, or 1.95%, to 1268.64. The consumer-friendly FOX 50 dropped 6.40 points, or 1.24%, to 510.83.

The Dow ended Monday's back-and-forth session near its worst levels of the day, giving back all of Friday's minor gains. The benchmark index, which has not seen two straight rallies since Feb. 6., closed at its worst level since April 1997.

“The fact we have failed to rally even with [the $41 billion merger] is clearly a very negative sign,” said Michael James, senior equity trader at Wedbush Morgan Securities.

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[docstew]

At this point are these even rallies, or is it the less shrewd investors buying thinking it's hit bottom, and other, shrewder, investors doing some "profit-taking"?

[Wretched Excess]

At this point are these even rallies, or is it the less shrewd investors buying thinking it's hit bottom, and other, shrewder, investors doing some "profit-taking"?

jack welch and warren buffett were on msnbc this morning freaking (welch more than buffet) out about the obama administration's lack of focus on the economy.  paraphrasing, "when the hell does the banking crisis have to do with stem cells or health insurance?", and they had several other less than glowing things to say about the stimulus package.

[docstew]

jack welch and warren buffett were on msnbc this morning freaking (welch more than buffet) out about the obama administration's lack of focus on the economy.  paraphrasing, "when the hell does the banking crisis have to do with stem cells or health insurance?", and they had several other less than glowing things to say about the stimulus package.

would have loved it if someone had told them "well, guys, that's what you get when you elect someone with no executive experience.  They tend to be unable to focus on the vital tasks they should focus on, and just push through their agenda."

[Wretched Excess]

moving to economics;  the graphic is no longer timely, and moving it out of BN allows another story from the forum to play on the portal.

[Wretched Excess]

the market certainly rallied today.  I wonder if it will suddenly stop being one of those "minor distractions" that he told us to ignore last week.

[BEG]

the market certainly rallied today.  I wonder if it will suddenly stop being one of those "minor distractions" that he told us to ignore last week.

Shepard Smith was orgasmic about the rally.  He all but called off the recession/depression by todays numbers alone. 

[asdf2231]

Shepard Smith was orgasmic about the rally.  He all but called off the recession/depression by todays numbers alone. 

Yeah but in all fairness Shepard Smith gets orgasmic talking about Jello Eating Contest Winners in Burma.

One day of good trading does not a Bear market make.

[Chris]

Whee.

[BEG]

Yeah but in all fairness Shepard Smith gets orgasmic talking about Jello Eating Contest Winners in Burma.

One day of good trading does not a Bear market make.

He was talking about how Citibank was profitable in the last two months...woo hoo.   Anyone can be profitable for a couple of months when they get over $80 billion from the goverment. 

[asdf2231]

Whee.

Obama needs to show that to the country at a press conference and point out how it just proves that we are THROUGH the big mountains and just need to get over that little foothill before we hit the prairie.

[Wretched Excess]

Shepard Smith was orgasmic about the rally.  He all but called off the recession/depression by todays numbers alone. 

MAY I HAVE YOUR ATTENTION PLEASE.  THE DEPRESSION HAS BEEN CANCELED.  WILL ALL HUNGRY CHILDREN, HOMELESS SENIOR CITIZENS, AND OTHERWISE OPPRESSED AND AFFLICTED SPECIAL INTEREST GROUPS PLEASE RETURN TO CENTRAL CASTING FOR A COSTUME CHANGE.  HAPPINESS WILL COMMENCE TOMORROW AT 7AM.

THANK YOU.

[BEG]

MAY I HAVE YOUR ATTENTION PLEASE.  THE DEPRESSION HAS BEEN CANCELED.  WILL ALL HUNGRY CHILDREN, HOMELESS SENIOR CITIZENS, AND OTHERWISE OPPRESSED AND AFFLICTED SPECIAL INTEREST GROUPS PLEASE RETURN TO CENTRAL CASTING FOR A COSTUME CHANGE.  HAPPINESS WILL COMMENCE TOMORROW AT 7AM.

THANK YOU.

LOL 

[DumbAss Tanker]

Pretty flat today.  Looking like yesterday was a blip, probably fueled by Citibank looking like it possibly might not die after all.