Word: stockely
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...recession was formally declared, investors cast their vote that economic recovery was nowhere in sight. All broad stock market indexes dropped sharply, with the steepest thrusts coming at the end of the trading day. The Dow ended Monday's session down 679.95 points or 7.7%, one of its worst days in recent months. Other broad market gauges took even steeper dives, with the Standard & Poor's 500, which includes financial stocks, falling 9.93%. The S&P 500 is now down...
Financials were among the worst performing sectors of the day, with bank stocks dropping more than 17% on average. Shares of Citigroup, Merrill Lynch, Bank of America and Wachovia all fell more than 20%, largely erasing last week's financial-stock rally. Shares of oil companies fell sharply as well on Monday, as the price of crude sank to $49.28 per barrel, a decline of more than 9%. (See the Top 10 Wall Street Meltdowns...
...just discrete events like economic releases weighing on the market. There's also the downward pressure - at times dull, at other times sharp - of institutional investors selling out of their stock positions. Part of October's swoon came from hedge funds raising cash to pay investors demanding their money back. While mutual fund redemptions have been a growing part of the story since then, we could still see more forced selling from hedgies...
...research note, analysts at Morgan Stanley pointed to growing redemptions from university endowments that have found their portfolio allocations out of whack, thanks to plunging stock prices - a point reinforced today when Paul Tudor Jones's Tudor Investment Corp announced that it had suspended redemptions on one of its hedge funds...
...pictures of the stock market crash...