U.S. stocks slaughtered in worst single-day drop since 2001; Apple sheds 5.3%

“U.S. stocks plunged to their worst one-day performance since 2001 on Tuesday, with the Dow Jones Industrial Average losing 200 points in one minute around 3 p.m. before recovering some ground by the close, after a sell-off in China fueled concerns about growth,” Nick Godt reports for MarketWatch.

“Concerns that tighter credit conditions in China and Japan might dampen global growth first sent Shanghai sliding 9% overnight before the sell-off spread to other markets,” Godt reports. “The Dow Jones Industrial Average fell 415 points, or 3.3%, to close at 12,216, its worst one-day drop since September 2001. All 30 Dow components fell by at least 1%.”

Godt reports, “The S&P 500 index dropped 50 points, or 3.5%, to 1,399, while the technology-heavy Nasdaq Composite took the brunt of the selling, falling 96 points, or 3.9%, to 2,407… Also weighing on techs, Apple Inc. (AAPL : $83.93, -4.72, -5.3%) fell 5.3% after announcing a delay in the launch of Apple TV.”

Full article here.

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45 Comments

  1. The US Government is $9 Trillion in debt- most of it to foreign banks, governments and individuals. Add up corporate debt, personal debt, institutional debt, state debt and local debt and that number doubles. Because the Dollar is the primary reserve currency for the world and the exchange medium for all OPEC oil trading, about as much US denominated currency exists outside the US economy as circulates inside the US.

    So what, you say? I’m glad you asked.

    About half of the OPEC members are in favor of switching from $ to € as the standard currency for petroleum trading. When that happens and the dollar starts falling, everyone else will join in the fray. The 2 countries driving this change are Iran and Venezuela- both on less than good terms with Dubya The Decider™.

    Guess what will happen if BushCo decides to bomb Iran?
    Uh-Huh.

    Today market fall, zeroing out all gains this year, was caused by a 9% sell off on the other side of the world after Greenspan made a few remarks. Imagine what would happen when Iran closes the Strait of Hormuz and dumps it’s Dollars.

  2. “Should I buy a new iMac now or wait a while??”

    You should go buy an iMac now. As in right now. Stop reading this waste of time website, get over to the Apple Store and buy a 24″ iMac right now! Go! Move it!

  3. @ Occam’s Razor

    I’m wondering the same thing. If there are new towers on the way I’d like to see them first, but otherwise I’m set for a 24″. I just know I’ll buy one and the next week there will be a new 8 core tower with a built in espresso machine and tail fins. Dammit.

    Back on topic – Someone said Buying Opportunity. They are correct. I’ll certainly be picking up more.

    -c

  4. Actually, Iceberg, if Iran were to completely drop the dollar (they currently trade in both) we would invade Iran because they support terrorists, are building weapons of mass destruction, don’t love freedom, or whatever other excuses they could come up with.

    Remember that Saddam Hussein sold his oil for Euros. Look what happened to him.

  5. Laughable. The global implications of Iran militarizing and closing the Strait would be astronomical.

    Guess what would happen if Iran closed the Strait?
    Uh-huh.

    But you already knew that. So why are you providing strawman arguements here? You seem to be well grounded in economics, you must surely understand the end game of that political scenario.

    Thanks for playing tho.

  6. The Northern side of the Persian Gulf is lined with Iranian Missiles that can hit anywhere in the area, including the largest oil fields in Kuwait, Saudi Arabia and the Iraqi oil terminals. If they think Dubya is stupid enough to attack, why not ruin everybody else’s parade and send the US economy into free fall. The USN & USAF cannot get all of them.

    The scenario was just one of many that could send the US economic house of cards tumbling down around our heads. When something breaks you had better be liquid, and I don’t mean in US denominated currency & securities.

    In answer to the question regarding price. If the Dollar falls versus other currencies, the Macs will get more expensive, along with most other imported goods. King George’s economy has no clothes.

  7. Iran can do more damage to the US by shifting it’s oil bourse (oil merchant center) from US Dollars to Euros. That would precipitate another big drop in the stock market, and in the value of the dollar. Likewise, China shows it’s might by refusing to continue to pick up the huge US debt – with much more impact than popping a few satellites out of the sky.

    It’s funny to think that just a few years ago the US budget was balanced and debt reduced. We were talking about a peace dividend. Then the neocons came in, same as the old cons, and their myriad schemes to shift the taxpayers credit to the entrenched power elite and war profiteers. I used to vote republican, thinking they were the small-government fiscal conservatives. Nuh-unh! Big debt is as bad if not worse than raising taxes.

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