Quote:
Originally Posted by Morrigoon
So I've been blogging all morning on this - the Fed announced an emergency between-meeting rate cut this morning. 3/4%! Huge. And just to highlight what a big deal this is, I should point out that the next meeting of the Fed is only a week away, but they still decided to cut now (and will probably cut again at the meeting, maybe not by as much).
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Well, when the DOW took a 464 point nose dive this morning, I am not surprised (and ended the day down only 128 - a 336 point rebound)). I am interested to see what happens in the next few weeks.
The Dow is down 15.8% since the high set last October. Not quite a Bear Market (generally considered a 20% drop), but definitely more than a correction (generally considered at 10%).
In related news; in the last two days, the Nikkei has lost 9.5%, the Hang Seng has lost 14.1%, and Bombay has lost 12.4%. However, the London and German markets both rebounded slightly today after taking a dive yesterday.