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Markets Continue Plummeting As Recession Fears Persist
By
John Del Signore
Published Nov 6, 2008
Modified Nov 6, 2008
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By
John Del Signore
Published Nov 6, 2008
Modified Nov 6, 2008
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The Dow and the S&P 500 both closed down about 5% today in a day of heavy losses. The Dow was down 443 points and closed below 9,000 amidst fears of a prolonged recession that even superhero President-elect Obama may be not be able to turn around. "Everything is so dismal right now, it's just an endless flow of bad news and no one wants to buy," despaired equity trader Dave Rovelli, who could really benefit by reading today's heartwarming good news about the Starbucks wedding proposal! CNN reports that investors are fearful about tomorrow's big monthly jobs report. Also, too, October retail sales from the chain stores were mostly "abysmal," the housing market is still collapsing, and even the recent dip in gas prices has not improved consumer spending. "People are realizing that the recession is going to drag on until at least the end of 2009," Rovelli whines. LA LA LA LA Can't hear you, Rovelli! Starbucks wedding proposal! Doggie costumes! Sasha and Malia get a puppy!
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John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
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