Ryan
Sep 21st, 2008
Sep 21st, 2008
No, it’s Not Time to Panic
One of the folks I follow on Twitter posted this past week:
Stocks just took a smash. Dow closed down 500 points! APPL dropped $8.50 per share. Time to panic yet?
This was on the 15th of September.
Today (the 19th), shows that, as usual, it’s not time to panic.
Today, the most followed of the indices, the Dow Jones Industrial Average, closed at 11388.44. The broader, more significant S&P 500 closed at 1255.08.
The Dow opened the week at 11416.37. The S&P opened the week at 1250.92.
As you can see, the final result for the week was essentially flat. So, even with a very short timeframe, it was definitely not time to panic.
I heard this apt saying last week, “just because a dead cat bounces off a wall doesn’t mean that it is alive!”