A Frightening Near Miss With Fresh Financial Disaster: Wall Street Plunges Nearly 1,000 Points on 5.6.2010 Before Crawling Back From the Edge

5.6.2010 By CK Hunter

Rush Limbaugh began screaming into his microphone today at about 11:46 am today as I was scrambling eggs, and at first I thought he was just hawking another product. Then I thought he was making fresh satire about the Greek financial meltdown. 30 seconds into his screaming tirade: “…it’s down 700 points!….. No, it’s down 900 points…! now it’s 945 points!! … folks this is really happening!!…”

I began to realize that he was watching the Dow falling in real time and screaming the numbers at his listening audience as they fell. Rush must be invested. I could hear his blood pressure pounding in his ears as h screamed. Right before the 1,000 mark the market pulled back from the edge of the cliff and began crawling back from the edge. Rush finally lowered his voice several octaves, and one could hear his heart resuming a normal pit a pat. I actually thought we had come as close to hearing Rush Limbaugh have an actual heart attack live on air, as we had nearly seen the second American financial meltdown in two years. Geesh. At any rate, all the commotion woke me up enough to rush to the web and try t o see what was behind the near miss. 

What happened? I’m sure speculation will be rife as well as prolific, but the rumor that flew immediately pertained to Greece, a plummeting Euro, and a teetering European Union’s staggering burden of current financial woes. I won’t concur with any “cover story” they put out in mass media until I examine the facts, but here are some related press and links as the story continues to unfold:

Dow Plunges the Most Since 1987 As Euro Tumbles, Before Regaining Some Ground

Stocks Dive 1000 Points As European Debt Woes Shake US

=======

Indexes down 3 percent after plunging nearly 1,000 points

reuters

Traders work on the floor of the New York Stock Exchange, May 5, 2010. REUTERS/Brendan McDermid
Traders work on the floor of the New
York Stock Exchange, May 5, 2010.
 
REUTERS/Brendan McDermid
 
On Thursday May 6, 2010, 3:20 pm

NEW YORK (Reuters) – U.S. stocks were down more than 3 percent on Thursday afternoon after briefly nosediving, with the Nasdaq at one point down more than 9 percent and the S&P 500 and Dow briefly falling into negative territory for the year, as worries about contagion from Greece’s debt problems mounted.

Investors were disappointed the European Central Bank did not take fresh measures to help stem the Greek debt crisis. The ECB did not discuss the outright purchase of European sovereign debt as some had hoped for, but gave verbal support instead to Greece’s savings plan. The ECB left interest rates at a record low.

“Right now you just have a panic sell. It could be a long-term negative for stock market because it could mean the long-term high is in place. It’s very likely we’ve seen the highs for this cycle,” said Keith Springer, president of Capital Financial Advisory Services in Sacramento, California.

The Dow Jones industrial average was down 340.47 points, or 3.13 percent, at 10,527.65. The Standard & Poor’s 500 Index was down 35.89 points, or 3.08 percent, at 1,130.01. The Nasdaq Composite Index was down 65.34 points, or 2.72 percent, at 2,336.95.

(Reporting by Caroline Valetkevitch, additional reporting by Al Yoon; Editing by Leslie Adler)

=============

Advertisements

About CKH888

Not much to tell. Um.... I author news and art blogs now & then. :-)
This entry was posted in American Blogosphere, American Economy, American Society, Americans Buying Silver, Blogging as Grassroots Activism, Buying Silver, Buying Silver Bullion, Buying Silver Numismatic Coins, Chase Kyla Hunter Essays, Currency Safe Havens, Investing in Silver, Metals Commodities Silver Gold, Urban Life and tagged , , , , , , . Bookmark the permalink.

2 Responses to A Frightening Near Miss With Fresh Financial Disaster: Wall Street Plunges Nearly 1,000 Points on 5.6.2010 Before Crawling Back From the Edge

  1. I am impressed with ck hunter and the article that she wrote about the photon belt and how this economy is collapsing. pls keep me posted on others events that are happening on the home and world front.

    • CK Hunter says:

      To stay informed of news and posts from my blog, just go to the main front page and subscribe via the link on the right hand column. I’m a she, not a he. Thanks for stopping by.

      Chase

Leave a comment if you'd like:

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s