Power & Market
Author:
Joseph T. Salerno
Online Publish Date:
As I write this, the DJIA has just closed down over 2,300 points or 9.99 percent and the S&P 500 is down 9.51 percent. This is the market’s largest daily decline since the crash of October 22, 1987. And this is despite the fact that the Fed announced a “liquidity” injection of over $1.2 trillion into credit markets via term repurchase operations