Now it reads like this;
*The crisis unfolded over weeks, but it is useful to look at Thursday, 9 October, 2008. The market tumbled on the heaviest trading day ever up to that point, almost 8.3 shares trading hands. After a calm morning, sellers hit hard in the last two hours of trading, driving the average down 679 points, a seven percent loss in a single afternoon.
General Motors fell 31% on news new-vehicle sales were falling to fifteen-year lows. Exxon Mobil, and Chevron both lost about 12%
Perhaps more illustrative is the fact that exactly a year before, the market had reached a then-all-time high close of 14,164.53. On 9 October 2008, it closed down 42% from that high water mark at 8,579.91.
The bottom line is we’re witnessing a complete panic.
But keep in mind, the crash of 9 October came close on the heels of the crash of 17 September 2008, down 7.13% and the crash of 29 September 2008, down 6.98%. The effect was like a series of hammer lows.