The worst June For Dow Since 1930. Does this spell it our for you? The great depression part 2 is on its way while New Zealand fiddles.
U.S. stocks fell sharply Thursday with the blue-chip index enduring its worst June so far since 1930, and plunging to its lowest finish since Sept. 11, 2006, after getting slammed hard as crude soared to new highs and Goldman Sachs disparaged U.S. brokers and advised selling General Motors Corp.
“We’re going to move in the opposite direction of oil, and General Motors is going to go out of business, at least according to Goldman Sachs,” said Art Hogan, chief market strategist at Jefferies & Co.
The Dow Jones Industrial Average (DJI) tumbled 358.41 points, or 3%, to 11, 453.42, leaving it down nearly 1,200 points, or 9.4%, for the month, with two trading days yet to go. As things stand, the month is the worst June so far since 1930 when the index declined 17.72%.
“It was the middle of March that the Bear Stearns debacle became public, sending the Dow to a low of 11,731. That level was broken within the first minute of trading today,” wrote Kathy Lien, chief strategist of DailyFX.com.