Investing Notes: It's a Tough Day on Wall Street Today ? in my ...

Today is the 25th anniversary of Black Monday.

The Dow has been down some 160 points. The NASDAQ is down some 58 points. The S&P 500 down some 19 points.

But at the same time volume is heavy today.

There is a broader sell-off going on, and one wonders if we are just observing the Crash of 1987, 25 years ago today.

In finance, Black Monday refers to Monday October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short time. The crash began in Hong Kong and spread west to Europe, hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1738.74 (22.61%). ?Wikipedia

Trading Notes

Overall this week, the stock market had basically been in positive territory up until today.

Here are the stock indices right now, and it doesn?t look pretty.

Market Indices: $DJI -181.58 $COMP -63.78 $SPX -21.55 $NYA -109.9187

The Google Fiasco

Google ($GOOG) has been tanking since yesterday and it all started with their earnings report mistakenly released too early and during yesterday?s active trading session, when it was supposed to be released yesterday at 4:30pm EDT after the trading session closed.

On top of all that, Google?s stock trading was halted.

Google Stock (GOOG) Has Biggest Fall Since 2008; Trading Halted After Printer Error

Google shares (NASDAQ: GOOG) halted trading today after its disappointing third-quarter earnings were released prematurely because of a mistake by its financial printer.

The company released the final draft of its earnings mid-afternoon and trading resumed at 3:20 PM EST.

Shares of Google halted at $687.39 on Thursday afternoon, down about 9 percent since yesterday?s close, after a near-meteoric rise this summer.

Google?s stock closed at $695.42 on Thursday, down 7.95 percent.

On Thursday early afternoon, the stock halted trading at the company?s request to Nasdaq due to ?news pending,? as opposed to a technical glitch.

Google released a statement that said its printer had mistakenly filed its financial document with the Securities and Exchange Commission. The company traditionally releases its earnings after the stock market closes.

An Observance of Sorts

So, I guess the stock market is observing this 25th anniversary of Black Monday by falling substantially into the red for the day.

The portfolio was bucking the trend from the start of the trading session until an hour ago when it finally succumbed and had fallen into the red as well.

After 4 days of gains, the market is finally reversing? I guess it was inevitable.

Market Indices: $DJI -216.29 $COMP -68.64 $SPX -25.15 $NYA -127.2984

I guess we should be thankful things didn?t turn out worse. After all, this could?ve been another Black Monday, or in this case, a Black Friday.

Related Tags: equities, Investing, Securities, Stock Market, Stocks

Source: http://carlosrull.com/2012/10/19/investing-notes-its-a-tough-day-on-wall-street-today/

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