The Day in Charts

Something very different was set for publication here this afternoon, but the subject of increasing postal rates can surely wait until tomorrow. Here it is - the day in charts.

After stock markets in China fell nine percent or more, the major U.S. indexes started out bad, then got worse, then at 3PM ... what the heck was that?


The Wall Street Journal says($) it was a plumbing problem:

The sudden, sharp decline by the Dow Jones Industrial Average shortly before 3:00 p.m. was triggered by a tabulation delay by Dow Jones data systems, which calculates the average. There was a temporary lag in calculation of the 30 large-stock average due to a surge in order flows as the market continued to tumble in afternoon trading, much like a clogged pipe. Shortly before 3 p.m., Dow Jones Indexes switched over to a backup system to calculate the average, which nearly instantly registered the huge move.

The oil stocks followed the broad equity markets while the mining stocks fell at about twice that pace. Here too, some undergarments were surely soiled at mid-afternoon.


Gold and black gold along with silver all had less exciting days than the associated equities. After the COMEX session ended in New York, gold was down only $2, but in New York Access trading it promptly fell $20, though about a quarter of that has since been recovered.


High-flying uranium stocks got whacked pretty good, some of the smaller exploration companies falling 15 percent or more. Just like stock markets in China, the day's decline must be looked at in the overall context of soaring share prices in recent months.


Naturally, the respondents to a Wall Street Journal poll are still pretty bullish on stocks for the long run (or, at least until another few days of trading like this.) Gold gets a little more respect than usual.


I see ING Direct now offers 5.3 percent on checking accounts with balances of $100,000 or more. Something to keep in mind.