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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 | Continued
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