DOW down almost 300 in pre-trading Sunday

[BornAgain123]

http://money.cnn.com/data/premarket/index.html

Could anyone PLEASE tell me what the heck is going on??

[soilderforJc]

i think this is an estimate of what the markets will look like tommorrow thats what i think but i could be wrong anybody else care to share???

[Tammy]

Could it have something to do with Lehmann will they file for bankruptcy.

[Biblenuggetlady]

This article says Lehmann and also AIG, along with the hurricane damage to oil refineries and oil platforms:

http://personal.fidelity.com/research/stocks/content/marketsindex.shtml?imm_pid=1&immid=00197&imm_eid=e15471&buf=999999

[Issachar]

Could anyone PLEASE tell me what the heck is going on??
Look at the Coming U.S. Bank Crisis thread.

Note: In that thread I mentioned that I thought it would be interesting to watch the Asian markets tonight. They are not open due to some sort of a holiday or something.

What is happening with Lehman, AIG, etc. is unprecedented in that up to now, really huge entities like Lehman were bailed out. Today they were not. MUCH can happen tomorrow.

Issachar

[MoreThanReady]

http://money.cnn.com/data/premarket/index.html

Could anyone PLEASE tell me what the heck is going on??

We are in a BEAR market, and the financials are in major trouble because they gave out way to many sub prime loans and way to many 'no doc' loans.
In a bear market, good news hardly moves the marekt up, and any bad news causes it to decline really really fast.. I moved my 401K into cash and bonds months ago to minimize losses this year.

Bear Sterns went under but Fed steped in to get someone to buy them, instead of letting them fail. So it extended the crisis, and now Lehman is going out of business because the Fed refused to step in and ensure that nobody would lose money if they bought Lehman. So the banks are balking and instead Bank of America is buying up Merrill Lynch for a really cheap price, considering the assets it has.. 'course if they would have waited another day or two, they could most likely have offered an even lower price and gotten it.

If you are not about to retire, your 401K will recover, but it is going to take a while..