Wild Ride On Wall Street

Dow Plummets More Than 340 Points Then Soars Late, Closing Nearly Flat

(CBS/AP)  Wall Street pulled off a dramatic late-session turnaround to close mixed Thursday after bargain hunters lured by weeks of massive declines came back to the stock market. The Dow Jones industrials, down more than 340 points in afternoon trading, ended the day with a loss of just 13.

The market appeared to be on an almost relentless downward spiral after problems at Countrywide Financial Corp. confirmed investors' fears that credit problems are spreading. Moreover, for much of the day, investors shrugged off the Federal Reserve's injection of $17 billion into the banking system.

The revival showed that investors want to turn stocks around. The market clawed back with a bounce in blue chip stocks, with a leadership role going to the downtrodden financial sector.

But in spite of the big comeback, Wall Street is still an uncertain place, having been pounded by weeks of losses including triple-digit slides in the Dow. All three of the market's big indexes reached levels Thursday where they were down 10 percent from their mid-July highs — the definition of a stock market correction.

Some analysts were hopeful.

"The fundamental buyers are coming back into the market, and typically trading in the last half hour of the day is where the smart institutional money is going," said Jack Ablin, chief investment officer at Harris Private Bank. "There's a feeling that maybe we've pushed it too far, and this gives us a running start for positive markets worldwide on Friday."

Still, while the market has seen big gains over the past few weeks, those gains quickly evaporated the next day. Often, the buying has been done by traders or hedge funds trying to cover losses from what's known as short trading. In short trading, an investor sells borrowed stock on a bet that the market will fall; when the market rises, the investor must buy stock to pay back the debt. While bargain hunting helped lift stocks, it's likely that Thursday's gains were also due to short covering.

The Dow ended the day down 15.69, or 0.12 percent, at 12,845.78.

The S&P rose 4.56, or 0.32 percent, to 1,411.26, and the Nasdaq composite index dropped 7.76, or 0.32 percent, to 2,451.07. The Russell 2000 index of smaller companies rose 17.29, or 2.30 percent, to 768.83.

Bonds continued their rally as investors fled into safer securities. The yield on the benchmark 10-year Treasury note dropped to 4.66 percent from 4.72 percent late Wednesday. Yields had been as low as 4.60 percent earlier in the session, but began to reverse as stocks rebounded.

Investors have also been hoping that policymakers might lower interest rates to help bolster the economy, which is a positive step for Treasurys. The likelihood of a rate cut before, or at, the next Fed meeting seemed less likely as the central bank instead chose to add more liquidity to the market.

The New York Fed — which carries out the central bank's market operation — announced an overnight repurchase agreement worth $12 billion. This was on top of a 14-day "repo" worth $5 billion announced before the market opened.

Central banks around the world have been supplying billions of funds to banks in the past week to make cash available for lending and keep interest rates from rising amid signs that credit was drying up. The Fed uses a repo to buy securities from dealers, who then deposit the money into commercial banks.

St. Louis Fed President William Poole told Bloomberg Television after the closing bell Wednesday it wasn't necessary for the central bank to consider lowering short-term interest rates before the regularly scheduled meeting of its rate-setting committee next month.

The Fed left rates unchanged at its last meeting at 5.25 percent, where it has stood since last summer. However, policymakers said during their commentary that inflation continues to be a worry, and also recognized the debt and credit crunch for the first time.

"I think there is more confidence of a lasting rally in equities if the Fed cuts rates, and that makes it easier on days like this to do bargain hunting," said John Lonski, chief economist for credit-rating agency Moody's Investors Service. "And, the more investors sense that the U.S. economy can shoulder losses arising from subprime mortgages, the closer we are to stabilization in equities."

Countrywide fell $2.34, or 11 percent, to $18.95 after the mortgage lender borrowed $11.5 billion from a group of 40 banks to fund loans, in a move that shows just how deep the lending crisis has become. The company has been slammed as the credit crunch has driven a number of its smaller peers to bankruptcy.

Many lenders now sell off mortgages to investment banks, who in turn spin them off to other big investors — so bad loans can get spread throughout the financial system, reports CBS News correspondent Anthony Mason. It's not clear how deep the losses go or how widespread the damage really is.

[lars008-2009]

Is islam a violation of international law???

islam practices slavery on non muslims
islam practices apartheid on non muslims
islam practices rape on non muslims
islam practices rape on babies and animals
islam practices genocide on non muslims

all are violations of international law and are crimes against humanity

Universal Declaration of Human Rights
http://www.un.org/Overview/rights.html
http://www.cbsnews.com/stories/2007/02/22/world/main2505445.shtml
Imam Khomeini - Supreme Leader of the Islamic Revolution
http://www.homa.org/Details.asp?ContentID=2137352826&TOCID=2083225445
Malaysia women ''suffer apartheid''
The daughter of Malaysia''s former prime minister has launched a scathing attack on the roles and status of Muslim women in the country.

http://news.bbc.co.uk/2/hi/asia-pacific/4784784.stm
A matter of tolerance
http://musingwithmarinamahathir.blogspot.com/2006/12/matter-of-tolerance.html
Marina Mahathir
http://musingwithmarinamahathir.blogspot.com/
http://www.google.com/search?hl=en&q=slavery+islam&btnG=Search
http://news.bbc.co.uk/2/hi/asia-pacific/4795808.stm
http://www.google.com/search?hl=en&q=apartheid islam
http://www.google.com/search?hl=en&q=rape islam
http://www.google.com/search?hl=en&q=rape islam babies&btnG=Search
http://www.google.com/search?hl=en&q=genocide islam&btnG=Search

[lars008-2009]

Suicide Killers
http://www.pierrerehov.com/
''Obsession''
Documentary gives insight into radical Islam%u2019s global threat
http://www.foxnews.com/video2/launchPage.html?110506/110506_fnl_obsession&%27Obsession%27&FNL&Documentary%20gives%20insight%20into%20radical%20Islam%92s%20global%20threat&Foxlife&-1&%27Obsession%27&Video%20Launch%20Page&News

http://www.obsessionthemovie.com/12min.htm
http://myspace.com/waragainstthewest
http://www.youtube.com/watch?v=3BL4-mxE87w
http://www.youtube.com/watch?v=EUpcpEQtgp4
http://www.youtube.com/watch?v=7BUqXSeCDJc
UK TV AIRS SHOCK ''UNDERCOVER'' LOOK INTO MAINSTREAM BRIT MOSQUES...
Dispatches: Undercover Mosque
This is part one of the much-anticipated UK Channel 4 documentary Dispatches: Undercover Mosque, exposing evidence of Islamic supremacism, shocking misogyny, and support for violence at a number of Britain%u2019s leading mosques and Muslim institutions. (Thanks again to LGF operative kasper.)
http://littlegreenfootballs.com/weblog/?entry=24018_Dispatches-_Undercover_Mosque&only

[lars008-2009]

ZEITGEISTmovie.com.

The SITE IS BACK UP!!!!!!!!!!!!!!!!!!!!!!!
Posted by fascistusa at 03:17 AM : Aug 17, 2007

HAHAHAHAHAHAHA

WTC
Study Backs Up Feds'' Theory of Why World Trade Center Collapsed on Sept. 11
http://www.foxnews.com/story/0,2933,284816,00.html
New Three-D study supports federal finding in 9-11 tragedy
http://www.fox19.com/Global/story.asp?S=6683593&nav=0zHF
Study Supports Fed''s Finding On WTC Collapse
http://abclocal.go.com/kgo/story?section=nation_world&id=5401655
Simulation Finds 9/11 Fireproofing Key
http://www.chron.com/disp/story.mpl/ap/fn/4905202.html
Debunking The 9/11 Myths - Mar. 2005 Cover Story
PM examines the evidence and consults the experts to refute the most persistent conspiracy theories of September 11.
http://www.popularmechanics.com/technology/military_law/1227842.html

[feelfree1]

The NIKKEI index is currently down, -875 points.

This should be an interesting Fiday.

''fascistusa'',

Thanks for the update on the film.

[usayesterday]

The SITE IS BACK UP!!!!!!!!!!!!!!!!!!!!!!!

Posted by fascistusa at 03:17 AM : Aug 17, 2007
...........

Thank you for the update facistusa!

I''ll go back to posting that link in my email ''signature''.

[fascistusa]

I''d download Microsucks Media Player.

ZEITGEISTmovie.com.

The SITE IS BACK UP!!!!!!!!!!!!!!!!!!!!!!!

[kaiyo4u]

http://video.google.com/videopl

ay?docid=5547481422995115331
Posted by fascistusa at 06:41 PM : Aug 16, 2007

I can''t get quick time to play from this, any suggestions?

[mcv57]

Hey,
Wonder how long the U.S $40 billion (IOU paper) will prop-up Wall Street. For now, it''s working, but can''t borrowing forever.

[usayesterday]

When was the last time that the Canadian Dollar was worth more than the US Dollar?

That is the way it is today. Right now, it takes $1.0772 USD to buy $1.00 Canadian.

Now, that is a SOUND US economy. Thanks Bu$h!
Posted by HSinCO at 08:12 PM : Aug 16, 2007''
.........

Not to disagree with you, but part of the near parity of the U.S. versus the Canadian dollar is the increased exports of oil from the tar-sands in the northern portion of the Alberta province.

But the grossly skyrocketing trade defecit as well as the overall defecit (though decreasing somewhat) has caused the U.S. Dollar to fall sharply.

Combine the two, and eventually the Canadian dollar will surpass the U.S. dollar in value!

[hsinco-2009]

When was the last time that the Canadian Dollar was worth more than the US Dollar?

That is the way it is today. Right now, it takes $1.0772 USD to buy $1.00 Canadian.

Now, that is a SOUND US economy. Thanks Bu$h!

[sharncedar]

The "people" bidding up the stock market is our own Federal Government and major banks. They have pushed over $100 billion of our money into the securities markets in the last few days, making bad investments good for the worthless Elite. Of course the stock market can''t fall in nominal value if the Fed Gov throws 1/10 of a trillion dollars into it in 3 days. What happens then however is even more drastic inflation, we''ll see it as phony "energy prices" basically the price of foreign imports. and they''ll spin it as good for us, just as they spun the drastic inflation of housing prices as somehow good for us. Tell the young couples who can''t buy a house how wonderful the ownership society is. Actually, Americans are so dumb they would probably believe it.

[timantane]

Wow, that "snidegrass" can really put a stop to comment posting. That''s a real talent that fellow has.

[tnt1954]

6 billion mouths to feed on planet earth.
done by the world health organization.
lotta people''s dough is going for unhealthy
stuff. prohibition may be necessary.
that''s a lotta land growing unnecessary juice.
could be used to grow rice or wheat.
lotta fruit of the vine, that the bible
says is the grapes of wrath. fermented.
who would eat grapes gone bad? would you
eat rotten eggs? see dummy? now back to cops
as they arrest more drunk drivers. swerving
all over and in alcoholic blackouts, as they
''go into denial''. i am not drunk, think thank
thunk. hunk of funk and punk.

[sharncedar]

"It''''s an attempt by The Elite to give us The Amero"

What would be so bad about the Amero? If we had a union with Mexico, at least we would get something out of it. We could possibly move down to the Mexican coast and live cheap outside the iron fist of the Man of New York City and his "creative destructive".

What we have now is worse than a union; the Mexicans get to keep every inch of their country and they get ours as well.

[tnt1954]

and when elected president in 2008, i promise
to be even more silent than silent cal coolidge,
just hang out with my wife in the lincoln
bedroom, eat watermelon have a parrot whose
name is polly cracker, and watch cops everyday
on tv. and just let it all hang out.
and play records for me and my wife, like
hang on sloopy, and my boyfriends back, and
let most of the people just stay on permanent
vacation. cause its gonna get hot. and as
they say, some like it hot. marilyn monroe''s
most famous movie. funding govt. is businesses
responsiblity. my distribution is my wife,
my watermelon, and my graham crackers and
milk at bedtime. no hard stuff like saltines
with butter. i''ll have nothing, and neither
will you, cause by that time, there''ll be nothing
left to eat.

[radiob-2009]

Bargain hunting time.

[fascistusa]

You can download the movie using Bittorent.

ZEITGEISTmovie.com.

The
re is a search feature on Bitttorent.

Or try this link:

http://video.google.com/videopl
ay?docid=5547481422995115331

This market collapse was predicted in the movie. It''s an attempt by The Elite to give us The Amero - a US, Canada, and Mexican currancy. Don''t think it''s so? What was NAFTA about? North American Trade Agreement??

[bareemperor]

It''s Thursday, and Bu$h is still an ignorant liar.

[feelfree1]

nyckate,

Re: "What some idiots don''''t get is that it''''s the speculators buying up the (housing?) market..."

I think that this is largely the case, and will only fuel the collapse.

Re: "Some areas will be able to mostly hold the real estate value of their homes"

Maybe, but only if we "value" those homes based on the ever-shrinking dOllar.

I wouldn''t put too much stock in the opinions of Merrill Lynch. They are neck deep in this mess. Some analysts are predicting Merrill Lynch, Bear Sterns, and Lehman Brothers, to be in the soup lines before long.

[one_american]

Irrational pessimism about the stock market has created an opportunity to buy a lot of undervalued stocks.

Those who are erroneously wishing for a recession are going to miss the boat.