Wednesday, November 19, 2008

Dow closes below 8,000 for the 1st time in over 5 years

Wow, another huge down day on Wall Street.

On fears primarily related to the impending auto industry collapse, the Dow closed below 8,000. This is the lowest point since March of 2003. Same for the S&P 500.

I read an article in the most recent Time magazine regarding a possible collapse by GM. If GM were to fail, it would not affect just the 200,000 or so employees of GM, but could expand to approximately 1.2 million jobs. This is because of the extensive supply chain of parts and other jobs related to GM. With the economy continuing the way it is, I sure don't know of any of my friends out shopping for new vehicles!

Hang in there folks, until next time,
- Steve

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