by Wolf Richter
Kissing share buybacks and dividends goodbye.
What an ugly day in the stock market, just after analysts and the financial media proclaimed that the Fed had succeeded with its immense bailout shenanigans to “calm the markets.” It did manage to calm the markets for a day-and-a-half, from Thursday morning through Friday 11 a.m. But then it all came unglued.
By the close on Friday, the S&P 500 was down 4.3%, the Dow Jones Industrial Average was down 4.5%, and the Nasdaq was down 3.8%. All of them carved out new multi-year lows. From the intraday high to the close, the S&P 500 plunged nearly 6%. Over the past 22 trading days, it has plunged 31.9%: