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Dow Jones Loses 733 points after Bernanke Speech
- Filed under: World Market
- Date: Oct 16,2008
Everytime when you hear that Federal Reserve Chief Ben Bernanke is going to speak then you cans ure bet that the market is going to go down and that’s what happened yesterday in US market , Dow went down by 733 points and Nasdaq went down by 150 or more points.Nothing was favorable for US Market yesterday Economic data that came out was also bad.This is like second biggest drop and sure it would have wiped trillion dollar investor money.
What Moved the Market
>S&P 500 drops 9.0%, largest decline since crash of 1987.
>Retail sales in September post largest monthly drop in three years, worse than economists forecast
>Coca-Cola, JPMorgan Chase, Wells Fargo and Intel all top quarterly earnings expectations this helped by not falling more.
Finally whatever went up in one day has been erased in 2 days .Not sure if this doing any good.They have to understand the market will not come up in a second , they have just taken measure that way people don’t loose there money, We have to give some time like may be say 6 month to 1 year for all the company to recover and then expect market to come back until that time the market will be bearish ,if they expect to raise in a single day then this is what will happen .
