After Falling Off Cliff, Dow Recovers From Day’s Losses

In our coverage here at the Bean, we try to stick to hyperlocal news, meaning happenings either in or directly affecting our neighborhood and surrounding areas.

However, between riots in London, the downgrading of U.S. Debt and other crazy sh-t going down right now, there’s one issue that directly affects anyone with a 401K and it’s screaming for attention.

Due to what financial news sources are calling a lack of investor confidence, the Dow Jones dropped below 11,000 yesterday for the first time this year.

Earlier this afternoon, after the Federal Reserve Bank announced that it would continue its policy of loose credit, stocks fell dramatically yet again. The market is only just now beginning to recover from the day’s losses.

If you’re decades or even years away from retirement and your investments are diversified, chances are your portfolio has time to recover. But in the short term, this can be very scary stuff- not to mention a terrible time to ask for a raise, run a business, purchase a home or find a job.

To our readers, how is the current economic crisis affecting you? Are you making any changes in your investments?

If anyone out there is employed in the financial services sector, please feel free to add your own two cents – pun intended.

UPDATE 4:41 pm: According to Marketwatch, the Dow Jones Industrial Average finished up 430 points, in what’s become its single best day of trading since March 2009.