As Ace Baseball Guru Yogi Berra once said... "It's deja vu all over again!" So, with today's news that on the 20th anniversary of Oct 19, 1987 - the day the stock market suffered the biggest single-day crash in history - the market tumbled precipitantly amid worries over corporate earnings, the credit crunch, and the nation's economy piling it on, I was asking myself, why are people gob smacked with this more than to be expected news?
Though it wasn't quite a crash, the Dow Jones industrial average today plunged 366.94 points, or 2.64 percent, to close at 13,522.02. The Nasdaq and S&P 500 both dropped more than two-and-a-half percent. Google was one of the few Silicon Valley tech stocks that actually gained value, closing up $5.09 to $644.71, after reporting strong earnings Thursday. Among the biggest losers was Milpitas chipmaker SanDisk, whose stock fell more than 15 percent to $42.71 per share after a disappointing quarterly statement.
At the same time... The really ominous news out of the so called "Hot Bed" of entrepreneurship was that the Silicon Valley's job market suffered its third consecutive monthly drop, shedding 2,200 jobs in September. Which, apart from the housing melt-down, is the really scary news... 'Cos this was where the future was supposed to be... Remember?
George Parker
Blogging for:
Member since: 03 Jun 2008
Last login: 17 Nov 2009
Total Posts: 831
