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Riding the stock market rollercoaster
September 16, 2008 - Steve Murch
So how are you feeling after Monday’s wild plummet of the stock market? I’m sure there are some people who were feeling rather ill, and had a market hangover this morning.
Being a trader, broker and adviser couldn’t have been very good jobs this morning because everyone is either seeking them out about because they’re worried about their money or they want to get out of the market completely.
There’s one other group you have to feel sorry for today — the representatives of Motorexpo. Those were the people who rang the opening bell today on the New York Stock Exchange. Imagine having to open the day of trading after the Dow took yesterday’s tumble. Everyone in the building is looking at you like you’re ready to open the market with Taps.
Maybe they aren’t all that smiley in the first place, but the people who were there didn’t seem very enthused about ringing the opening bell. Normally the people who are there clap excitedly and are smiling from ear to ear. Today, the folks from Motorexpo looked like that was the last place they wanted to be. Few of them smiled and the clapping seemed less than enthusiastic.
The Dow was up in mid-afternoon Tuesday by nearly 100 points, but the Fed announced it wasn’t going to cut interest rates and the market dropped 100 points. Talk about a wild ride. Even Monday’s numbers weren’t bad to start — all things considered. Everyone expected the Dow to drop Monday, and when it was “only” down around 200 points the analysts thought it might not wind up that bad.
Then the dive. Talk about a rollercoaster. I’m not sure there are many people who want to go on that ride.
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