Jackson Free Press

With the analysts chalking it up to new concerns that we're in a recession, the Dow experienced is second greatest point drop ever today with relatively little fanfare, dropping 733 points. The NASDAQ was off 8.5 percent and the S&P 500 lost 9 percent of its value. It goes without saying that this extraordinary volatility continues with the market see-sawing between massive losses and record-setting gains.

The slide meant that the Dow, which lost 76 points on Tuesday, has given back all but 126 points of its record 936-point gain of Monday, which came on optimism about the banking system in response to the government's plans to invest up to $250 billion in financial institutions.

The Dow was down all day, but plunged after the government reported a higher than expected drop in retail spending.

Wednesday's selloff began after the government's report that retail sales plunged in September by 1.2 percent — almost double the 0.7 percent drop analysts expected — made it clear that consumers are reluctant to spend amid a shaky economy and a punishing stock market.

According to an MSNBC chart, of the top ten greatest point losses in Dow history, five of them have occurred in the past month; the greatest drop of 777 points on 9/29/08; today's drop is #2.

Perhaps most telling, however, is this: "The Dow's massive decline Wednesday marks its 20th triple-digit move in 23 sessions."