After dipping below 8,000 for the first time in five years, the Dow see-sawed to a 8,451.19 close, a 128 point drop, to end one of its most turbulent weeks in history. Today's gyrations began with an early drop of more than 600 points following a panicked plunge in the international markets. Particularly hard hit today were Morgan Stanley and Goldman Sachs. As The Wall Street Journal points out, "The stock market has so far avoided a one day plunge of 10 percent, the traditional definition of a crash. But even in the two instances when such a single-day drop did happen, in 1929 and 1987, the full week bloodletting was not as bad" as this week has been. Not very reassuring, is it?
Read it at Wall Street Journal
