"Biggest point loss EVER": Not in the top 10

Always read the fine print...or don't read it at all.

From Marty Zweig:

On September 29, 2008 the Dow Jones industrial average fell nearly 778 points,

"The biggest single-day point loss ever" ( the headlines read) with a fall of US$1.2 trillion in market value after Congress rejected the government’s US$700 billion bank bailout plan. However, this 7% decline does not rank among the top 10 percentage declines.

John Mayer:
 

"And when you trust your television
What you get is what you got
'Cause when they own the information, oh
They can bend it all they want'"

Edited by Rogerdodger, 30 October 2022 - 05:34 PM.

Rodgerdodger, I read somewhere that this October saw the biggest month of October gain for the DJIA ever.  Similarly, I don't know if that's true, but it was a humdinger of a rally this past month, but what the Fed giveth, the Fed can taketh away if this Wednesday they deny what the leaker at the WSJ said about the Fed funds increase taper plans.  

Regards,

Douglas

Rodgerdodger, I read somewhere that this October saw the biggest month of October gain for the DJIA ever.  Similarly, I don't know if that's true, but it was a humdinger of a rally this past month, but what the Fed giveth, the Fed can taketh away if this Wednesday they deny what the leaker at the WSJ said about the Fed funds increase taper plans.  

 

Regards,

Douglas

I had come across an article which I had posted here, basically saying after a serious downturn in September, historically October will experience a rally. Especially the more important mid-terms coming up  in a week, FED was not expected to talk tough. So there are no surprises so far.

The real unknown is how long the inflation will last. It is no longer considered transitory. Inflation will dictate long term trend of market direction more than any other factor, is my humble opinion based on previous experience with high inflation periods.

My main opine on the headline is that sentiment can be swayed by the media (and it's controllers).