Today is another bloody day for stocks, under similar circumstance as 20 days ago:
Oil surged past $140 a barrel;
More writedowns are expected at financial firms Citigroup and Merrill Lynch;
Car makers are in deep trouble and Chrysler had to come out to deny bankruptcy rumor;
Technology companies Oracle (ORCL) and Research In Motion (RIMM) issued weaker-than-expected profit forecast;
Economic data is also disappointing as weekly unemployment rate jumped to the highest level in nearly three years.
After today’s decline, the Dow has fallen 2,711 points from its peak of 14,164 points reached on October 9, 2007. That’s a 20% drop for the index in a little over 8 months. And today’s closing number is the lowest in nearly two years.
Amid the bloodshed, one of my stocks (the only stock actually) did post a gain today. Smith & Wesson (SWHC), the handgun maker, rose 6.65% after the U. S. Supreme Court ruled that individuals have the constitutional right to own guns for the purpose of self-defense. Other than that, it’s red, red, everywhere
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