I don’t even want to look at my 401(k) anymore. Too painful.
Seriously, take a look at this graph too see a 1 month view of this downward spiral…
NEW YORK (AP) – The misery worsened on Wall Street Tuesday, with stocks piling on the losses late in the session and bringing the two-day decline in the Dow Jones industrials to more than 875 points amid escalating worries about credit markets and financial sector. The Dow lost more than 500 points and all the major indexes slid more than 5 percent.
Steps by the Federal Reserve to reinvigorate the dormant credit markets ultimately weren’t enough to calm nervous investors. News about financial companies only added to their despondent mood.
“The calls I’m getting – every money manager I deal with, and every client I talk to – are just very emotional. This is a very, very emotional time, and most of them are taking steps to shore up their defenses, reducing exposure to stocks just to defend their portfolios,” said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors.
Is there any end in sight?