Closing Bell 10.19.07

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Sponsored by the Financial Times.
There's always a bull market somewhere. We know that's true because the guy on the television says it almost every night. But you would have been hard pressed to prove that point in today's US equities markets.
The major indexes all went down, down, down into a burning ring of fire. The Dow Jones Industrial Average declined 366.94 to 13522.02. Every stock on the index was down. The S&P 500 dropped 39.45 to 1500.63. The Nasdaq Composite Index lost 74.15 to 2725.16. On the New York Stock Exchange Friday, volume kicked up to the highest levels in weeks, with 1.75 billion shares trading hands. 524 stocks traded on the NYSE rose while 2,789 fell.
It's hard to overstate today's losses. The Dow has now retreated to its lowest levels since the Fed cut rates one month and a day ago. Citigroup, Bank of American and JP Morgan Chase, the banks behind the Entity all declined rapidly. The Broker-Dealer index was down 3.7%. Not quite the worst day ever but close enough for horseshoes and hand-grenades. That Super Siv, by the way, is not having an easy time attracting investors. Even the Europeans are shying away.

FT Alphaville
is a great start for the day.

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