CNN currently has a list of the ten largest daily percentage drops in the Dow. Black Monday was no. 2, and nearly twice the largest single-day fall during the 1929 stock market crash (though the span of October 28-November 6, 1929 contains three days in the top ten losses). Today's 7% drop didn't make the top ten; nor did the first trading day after 9/11, which was slightly worse.
My stomach's got that free-fall feeling until Congress hammers something out. The only good thing—and it really isn't saying much—is that percentage losses work on a logarithmic scale. If the market loses 10% on two consecutive days, the total drop is only 19%, since the second loss is 10% of 90%.
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Date: 2008-09-30 03:31 am (UTC)no subject
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