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Did Wall Street’s “Secialists” Save Us from a 1,300-Point Decline on Monday?
The 777.68-point nosedive in the Dow Jones Industrial Averageon Monday was the single-biggest point drop ever, eradicating $1.2 trillion in shareholder wealth, and leaving mainstream investors feeling shell-shocked after the House of Representatives rejected a $700 billion banking bailout bill.
But here’s what most people don’t know.
The damage could’ve been much worse.
In fact, without a little-known group of traders, known as “specialists,” Monday’s wrenching drop could have extended into a 1,500-point freefall. Without these specialists, Americans could’ve easily watched as half their retirement savings was vaporized during the day’s seven-hour trading session. So, here are these market-miracle-makers. Should we be thankful…
3Oct2008 | Money Morning | Comments Off | ContinuedSurprise! Despite its “Black†Reputation, October Isn’t the Worst Month for Stocks.
Fresh off one of the most-volatile months ever for U.S. stocks, investors can’t be happy that they’re facing another October – the poster child for U.S. stock market crashes.
Thanks to the stock market crashes of 1929 and 1987, October has a reputation for being a horrible month for stocks. But once you dig into the data, you find that October’s reputation as the "jinx month" might just be undeserved.
While it’s true that some of the most spectacular crashes in history have occurred in October, the reality is that it’s September that has the worst track record of all for stock-market performance.
Story…
3Oct2008 | Money Morning | Comments Off | Continued
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