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No End in Sight? Dow Closes 449 Points Down
By
Jen Chung
Published Sep 17, 2008
Modified Sep 17, 2008
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By
Jen Chung
Published Sep 17, 2008
Modified Sep 17, 2008
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After it became clear the government's bailout of AIG wouldn't stop investors from being worried, the Dow closed 449 points down. Some quotes:
- "There's a clear fright to the market right now," said Anthony Conroy, head of trading at BNY ConvergEx Group, a New York stock brokerage. "It's a virus that's running through the market. If investors don't know what a firm's exposure is [to bad credit bets], they're just running away." (WSJ)
- "What does tomorrow bring? Will it start spilling over into consumers? Will there be runs on the banks? There's a million things going on," said Angel Mata, managing director of listed equity trading at Stifel Nicolaus Capital Markets. "Hopefully, we'll see a capitulation soon when everybody throws in the towel." (CNBC)
- “There’s a growing sense that there’s no end to this in sight,” Edward Yardeni, the investment strategist, said. (NY Times)
- "There is paralysis," says [Todd] Clark [trader at Nollenberger Capital Partners]. "Everyone is afraid that the credit crisis won't go away. It's like the financial sector has been in a serious car accident and the government is treating the patient with band aids instead of surgery." (USA Today)
With all the panic, gold prices rose to $850.50, its biggest one day price increase since 1980.
Tagged
business
economy
federal reserve
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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