Unrelenting GLOOM has taken over the Financial Markets. The DJIA fell 444.99 Points [5.5%] to Close at 7552 with another HEAVY LATE SELLING pattern. It was the Dow’s biggest percentage drop since Oct 22 and its Lowest Close in over 5 Years. Investors seeking the safety? of 3 month Treasurys sent T-Bill yields to 30 year lows of 0.03%.
Oil dropped to UNDER $50 a Barrel Thursday – reaching the lowest level since May 2005 as record US Job Losses [Layoffs] intensified concerns of a Long and Deep Global Recession and further Crushed Demand Expectations. Crude Oil Futures slumped to below $50 per barrel with Light Sweet Crude for December delivery falling 7 % - $4 to settle at $49.62 on the New York Mercantile Exchange.
The Hard-Hit Citigroup [C] Fell another $1.69 a share CLOSING AT $4.71
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Tom Humes