So it's been quite an eventful month so far:
October 1st - The DOW went down
-19.59 points or
- 0.18%. The Senate votes
74 to 25 for the 2
nd try at the infamous 700 billion dollar "bailout".
October 2
nd - The
DOW went down
-348.22 points or
-3.22%. The Bailout is sweetened to
$850 Billion in order to get more members of the House to vote for the bill.
October 3rd - The
DOW went down
-157.47 points or
-1.50%. The House Approves the now, $850 Billion dollar, bailout.
October 6th - (Monday) The DOW went down -369.88 points or
-3.58%. World markets around the world begin to fall before the US markets open. Japan's NIKKEI falls 4.25% , The London FTSE market falls 6%, Austria's Vienna stock exchange falls 8.4%, and Russia's RTS stock exchange start dropping 7% in the first 20 minutes and the Russian markets were frozen entirely after their markets dropped 10%. Needless to say the US followed suit - The DOW closes below 10,000 for the first time since 2004.
October 7th - (Tuesday) The DOW went down -508.39 points or
-5.11%. The DOW goes to it's lowest point in nearly 5 years.
October 8th - (Yesterday) The DOW went down -189.01 points or
-2.00%. "BIg BEN" Bernanke as he's called announces a 1/2 point rate cut - the DOW and the other indicators continue treading downward.
October 9th - (Today) The DOW went down -675.97 points or
-7.30%. And then, there's today...the ban on
short selling -which had been
enacted temporarily in light of short-
selling's affects on company's like Lehman brothers and
AIG - was lifted and Morgan Stanley's stock headed south -26% and many financial stocks followed suit.
Did I mention my 401k has lost a good 5-6% too? Yesterday I called up my 401k provider and
politely asked them to cut my losses and invest mostly in 'safer' things. Lord knows what
tomorrow will bring - good thing I'm not planning on retiring anytime soon nor do I plan to rely solely on my 401k to do it.