All the bad news converged on investors today, and the result was not pretty. Fifteen minutes into the trading session, the Dow had dropped over 100 points. Before it was over, the Dow fell as much as 500 points to end down at close 415 points. The percentage drop was about 3.5% for large caps and about 3.9% for NASDAQ. What was happening? Well, add Mr. Greenspan's remarks yesterday about a possible recession to news that the Chinese government may intervene in the roiling Chinese stock market to a poor durable goods order to an attempt on the VP's life to... Well, you get the picture. No one thing stood out, just a collection of "concerns." They've already coined a term for the event... mid-cycle correction. By mid-afternoon, bargain shoppers were coming into the market. We'll have to see how the rest of the week plays out to determine the overall effect. Stay tuned.
DJIA -415.86 NASDAQ -96.65 S&P 500 -50.28
