Bailout Vote Fails – Stock Market Drops 777 Points
The stock market on Monday suffered its most devastating collapse since the 1987 crash as shellshocked investors dumped shares en masse after the House voted down a proposed $700-billion rescue of the financial system.
The unexpected defeat of the bailout package fanned fears that the most debilitating financial crisis since the Great Depression could intensify.
The Dow Jones industrial average sank 777 points — the largest point drop in its 112-year history. The Standard & Poor’s 500 index plunged 8.8%, its sharpest decline since Black Monday two decades ago, while the Nasdaq composite index plummeted 9.1%.
The tense credit markets tightened further as anxiety-ridden investors rushed into super-safe Treasury securities, pushing their yields down.
Notice the number of points the market fell, 777…. The world will mark this up to coincidence. I believe it’s the unfolding of bible prophecy in our day. This nation has turned it’s back on God, I believe there is a warning from God himself in the events that took place today. Few will listen, fewer still will hear.
Read more on God’s number, 7
“The financial markets are in panic,” said John Spinello, a Treasury market strategist at Jefferies Group Inc. in New York. “And until politicians realize that, and until Main Street America realizes that it’s not a Wall Street problem — it’s a Wall Street and a Main Street problem — the financial markets are going to be volatile and the decline is going to be hard to arrest.”
The flight to U.S. government securities, along with news of several major bank bailouts in Europe, boosted the value of the dollar against most major currencies.
Prices of oil and other commodities, already down early Monday on fresh concern about the global economy, accelerated their slides after the House vote. Crude futures tumbled $10.52, or 9.8%, to $96.37.
The day began with global stock markets falling on the new signs of financial stress in Europe and fears that the rescue package wouldn’t quickly ease a logjam in the credit markets or stave off a deep economic downturn.
Yes, the market fell to -777.. Minus 777. Watching this happen the other day made me feel that God was telling us That we have taken God out of our lives and minus 777 was just that, a warning. Now we have bailed out all those greedy selfish men on wall st. whos God is Money and as you saw the market did not correct it self and the global crisis is getting worse. You can only serve one master and I think our Government made the wrong choice on Friday, so will the rest of the worlds countries….sad