Wall Street stages dramatic comeback as Apple rebounds

[Omaha Steve]

Source: Reuters

BY TANYA AGRAWAL

U.S. stocks staged a stunning recovery off their lows on Monday, helped by a sharp turnaround in Apple's shares, but were still down about 2 percent in afternoon trading.

The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever.

But by 13:05 ET, the Dow was down just 143 points, or 0.87 percent as bargain hunters stepped in.

The Dow has never lost more than 800 points in a day.

FULL story and video at link.

Read more: http://www.reuters.com/article/2015/08/24/us-markets-stocks-usa-idUSKCN0QT10W20150824

[marmar]

1. Down 530 right now.

[NRaleighLiberal]

2. hit -650 a few min ago. So the last hour is going to be wild...

[kelliekat44]

3. So Apple big wigs bought back loads of their stock? nt

[Hugin]

4. All in the red now. n/t

[Binkie The Clown]

5. Dead cat bounce. Sucker trap.

Want to loose a bundle? Buy now! The hucksters are waiting to take you to the cleaners.

[Warpy]

7. Not necessarily

There are quite likely a few bargains to be had out there but you need to know what you're doing.

However, the general trend is down. If you were counting on your net worth to leverage debt for that dream house in Aspen, you're SOL for the next few weeks, at least.

How low will it go? Not a clue. However, people who panicked in 2008 are the ones who got hurt the worst, followed by people with small 401K nest eggs that were quickly eaten up by fees.

[Binkie The Clown]

8. By the time we know for sure, it will be too late to take advantage of it.

The only ones who know which way the puppet will dance are the ones pulling the strings.
That's why I invest in knowledge, tangible goods I'm going to use, and seeds in the ground.
I've been very happy since I stopped thinking about money.

[Warpy]

10. Exactly

That was my philosophy until I inherited it. Imagine my disgust when I awoke the day after my dad died to find out I was a capitalist parasite.

Now the money guy I inherited along with it is astonished by my ability to predict crashes and the ice water in my veins when they happen. It's because I consider paper net worth irrelevant, what matters is whether I'm getting any income from it, income I've used to add to my skill set.

I don't know if this is The Big One, but I rather doubt it. That one will happen overnight, the market losing its maximum by 10 AM on successive days and shutting down, and it will take everything with it.

This is a correction, massive because it is so overdue and the market hyperinflated. It will also be a convenient reason to keep interest rates at zero and the minimum wage at a starvation level. Clearly this is insane, but Congress will most likely buy it.

[NRaleighLiberal]

6. down nearly 700 with half hour to go. which way will it go? up...or way way down?

[Javaman]

9. actaully apple didn't rebound and in fact, at the moment is lower than before. nt

[mahatmakanejeeves]

11. If you bought at the opening and sold at noon,

you made some money. Good luck with that.

It opened at $92.00. Anyone who called his broker and told him to sell Apple at the opening no matter what is probably wishing now that he hadn't done that. It was down for the day, but not a lot.

I'll still be able to buy groceries. Apples, too, if there are any to be had.