An Ol’ Broad’s Ramblings

February 27, 2007

Dow Dump

Filed under: Economy — olbroad @ 7:09

Wall Street Slammed After China Stock Woes

Stocks had their worst day since the Sept. 11, 2001, terrorist attacks Tuesday, briefly hurtling the Dow Jones industrials down more than 500 points on a worldwide tide of concern that the U.S. and Chinese economies are stumbling and that share prices have become overinflated.

Ya know, I remember when the Dow went over 1200. Yes, that’s just two zeros. It wasn’t all that long ago. So, why the panic?

The Dow fell 546.02, or 4.3 percent, to 12,086.06 before recovering some ground in the last hour of trading to close down 416.02, or 3.29 percent, at 12,216.24, leaving it in negative territory for the year. Because the worst of the plunge took place after 2:30 p.m., the New York Stock Exchange’s trading limits, designed to halt such precipitous moves, were not activated.

I honestly don’t know how all this works. The economy is still in tact. We haven’t fallen off the planet. We’re all still breathing, we have food, shelter and we have friends and family. So, get over it, move on, and start tomorrow fresh. 🙂

Update:  Is my memory faulty, or was there something written a while back about China wanting to control the world economy?   Wouldn’t a manipulation cause this kind of panic?

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