Dow Back To Late May Levels
Sooner or later, there must come a Monday on which we’ll have good news to discuss. Unfortunately, that Monday is not today, as the Dow, Nasdaq, and S&P 500 continued what’s becoming a tradition of taking significant headers.
Since “header” isn’t too technical of a term, and since it would seem a little rude to make you stop mid-article to check some statistics on another site, here are the exact numbers. The Dow went down by 200.72 points, or 2.35 percent. The Nasdaq did quite a bit worse by dropping by 61.28 points, or 3.35 percent.
Finally, the S&P 500 sort of split the different as it decreased by 28.19 points, or 3.06 percent.
If you’re looking for something to blame, talk to the people in charge of the World Bank. Elizabeth Trotta reports, “[T]he World Bank cut its 2009 global growth forecast. It now anticipates the world economy will shrink by 2.9%, compared to the 1.9% contraction predicted in March.”
And then, at least on a small scale, we of course saw something of a self-fulfilling prophecy.
The Mortgage Bankers Association also cut its forecast for 2009 loan originations by more than 25 percent today.
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