Rogers, Faber: Crash Was Just Normal Correction

Friday, 07 May 2010 08:54 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Stock prices may have slid by 1,000 points recently, but really they are in a stage of normal correction, say investment gurus Jim Rogers and Marc Faber.

“The market was overbought, ahead of itself and due for a correction,” Faber, publisher of the Gloom, Boom & Doom report, tells Bloomberg.

While the Dow Jones Industrial Average erased more than $1 trillion in market value when it plunged as much as 9.2 percent, the index finished the day 3.2 percent lower.

“Being down 3 or 4 percent is a big, big number but that’s hardly panic, not yet,” Rogers tells Bloomberg.

Equities had a “normal correction” and were “overdue for a sell-off” after rallying from last year’s low, Rogers says.

Fears that Greece’s debt crisis will spread are beating up markets worldwide.

“I think the problem with the Athens situation is that it's incredibly fluid and it seems to change day by day,” David Jones, chief market strategist at IG Markets in London, tells CNN.

The European Union requires member nations to cap fiscal deficits to 3 percent of gross domestic product, while Greece has seen its deficit widen to over four times that figure.

Greek lawmakers have approved austerity measures needed to win approval for loans, prompting riots from angry citizens worried of losing social programs.

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved