Replies to post #199672 on SwingTrade Member Forum (SWING)

[Wizard]

So if the Dow goes above 10,000 (which of course it will because EVERYONE says so - except me), does that mean that the Obama administration has done a great job and the stimulus package was a good idea and successful ?

[Wizard]

Oops ! Looks like maybe the rally began too soon ??? A pin in your 10,000 baloon ???

Economic woes slam Wall Street
Stocks sell off sharply on worries the rally has gotten ahead of any economic stabilization. Dow sinks over 200 points; S&P 500 and Nasdaq drop almost 3%.

By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 15, 2009: 2:06 PM ET

NEW YORK (CNNMoney.com) -- Stocks tumbled Monday afternoon as falling oil prices, geopolitical worries and a weak economic report raised worries that the rally has gotten ahead of any recovery.

The Dow Jones industrial average (INDU) lost 216 points or 2.5% with under 2-1/2 hours left in the session. The Dow, after ending last week in positive territory, slipped back into the red for 2009.

The S&P 500 (SPX) index lost 26 points, or 2.8% and the Nasdaq composite (COMP) fell 53 points, or 2.9%.