I decided to take a break from trivial matters to report that the Dow closed below 8600 hundred today. Yes, you read that correctly — 8600. It lost over 670 points today on the anniversary of the Dow 14,000 which took place just a year ago. What a difference a recession can make. (source)
And to make matters worse, automaker General Motors’ stock posted a 58-year-low, closing at 4.76. (source). Yikes. Detroit can’t catch a break. (Once again, this credit crisis is hitting too close to home. My uncle is a former GM employee who took a buyout and went to work for Ford and retired from that automaker several years later. Ford’s stock closed at 2.08).
It’s odd. Watching the business channels cover the markets’ freefall, I’ve come to realize these networks are providing the most compelling reality television of this season.