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This was so predictable. As I mentioned in my post from a few weeks ago titled Can I Have Some More Crack Please? I am not a macroeconomics guy. I don’t watch the market nor do I watch TV news. However, I do get WSJ.COM alerts (mostly for my own amusement to see what they think is worth emailing out alerts about.)
Here was today’s:
Feb. 5, 2008
The Dow Jones Industrial Average plunged by 370 points, or 2.9%, as investors’ anxiety about a possible recession flared following a bleak reading on the U.S. services sector and cautionary language about the economic outlook from a Federal Reserve official. It was the worst performance of the year so far for the blue-chip average in both point and percentage terms. Other major benchmarks also sold off dramatically. The S&P 500 Index plummeted by 3.2% and the Nasdaq Composite Index dropped 3.1%.
I guess the crack high has worn off and it’s time for another hit. Rate cute anyone?