When the Dow Jones Industrial Average recorded its biggest single day increase ever two days ago, I thought the stock market might have touched the bottom and started to turn around after relentless selling on the Wall Street the week before. Apparently, I was wrong. Since the 936 points gain on Monday, the benchmark has registered two consecutive losing sessions, giving up nearly 810 points to close at 8,577.91 on Wednesday, the second lowest close of the year. Yesterday’s 733.08 points loss was the second largest point loss in the index’s history. So far this year, the Dow has created five of the top 10 largest point losses.
Even though the government has spent hundreds of billions of dollars bailing out banks, the effort has yielded so little in boosting confidence, both on the Wall Street and main street. The 777-point plunge of the Dow on September 29 was the result of fears of bank failure. The 733-point drop yesterday was over concerns that the economy is slipping into recession (U.S. monthly retail sales number was down the most in three years), if it isn’t there already statistically. Seems people always have things to worry about every day. The bailout plan, rate cut, even the $75/barrel oil has failed so far to shift investor’s focus.
The good thing of being in China right now is I don’t have to watch the stock market went down minute-by-minute
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