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Published: Monday 02 September, 2013

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market and fund managers trying to lock in profits, wreaked havoc on Wall Street yesterday.

Weve got a global market swoon going on here, said Bruce Steinberg, a Merrill Lynch Co. economist, of the 7.2 percent drop in the Dow Jones industrial average, which closed at 7161.15. Asia hit a wall. And that transmits to the rest of the world.

Its a oneway market right now and that way is down, said Steve Roach, a Morgan Stanley Group Inc. economist. Were in a minipanic. There arent a lot of natural forces of stability.

But economists were quick to caution that the panic was not justified by activity in global markets. Events in Asia mean that growth is slowing, but not that its stopping, Steinberg said. markets has been overblown. The numbers show that if theres a real slump in Asia, our GDP gross domestic product will be off onefourth of a percentage point, he said. stocks were overvalued compared with their earnings, and that the market wouldnt sustain them. After yesterdays plunge, they said that many companies values were close to where they should be.

The markets been overvalued all year, Roach said. Were getting close to fair rates now, but theres nothing inherently stable about a market correction. . . . It took an event 12 time zones away to make people look at valuations.

Before the trading day began, investors were expecting a rough ride based on further downturns in other markets. But they hadnt expected quite as catastrophic a day as it turned out to be.

Wow! Wow! said Hugh A. Johnson, chief investment officer at First Albany Corp., as he watched the Standard Poors 500stock index numbers tumble in the early afternoon. I just dont believe that the S down 64! The S 500, used as a benchmark by many money managers, ended the day off 64.65 points at 876.99.

With the stoicism of a born market analyst, Johnson was able to look at the bright side. Hey, things are starting to look good again. . . . When we started the day, I would have told you the market was 6.2 percent overvalued, he said. The upside potential was a paltry 5.2 percent for the next year.

But the days market dive improved many stocks pricetoearnings P/E valuations, he said, with an upscale potential of 12.9 percent.

However, he noted wearily, Most people arent considering the rational calculations. Theyve just panicked. . . . Once they start being rational again, theyll realize this.

A sampling of stocks showed that Cisco Systems P/E ratio of 54 just a week ago had dropped to 42; Gillettes P/E ratio had dropped from 47 to 45, Cokes from 36 to 32 and Intels from 21 to 19.

Few were willing to guess when buyers might come back into the market. Many analysts thought mutual fund managers who were trying to lock in profits before the months end fueled much of yesterdays selling. But those same fund managers will not want to sit on their cash for long and will come pouring back into the market when they believ shop outlet stores onlin shop outlet stores online e e it has bottomed out, they said.

Well digest this in the next few days, said Don Kapetanakis, senior market analyst at Merrill Lynch. Theres no serious damage to the longterm market. A lot of Merrill Lynch brokers called today asking, At what point do we buy? he said.

Well get a bounce tomorrow, said Matthew Ruane, senior vice president in charge of equities trading at Gerard Klauer Mattison. He noted that even though the market has corrected 13 percent since summer, prices are still up 36 percent over the past 18 months. retail investor comes roaring in to buy on the dip tomorrow, said David Shulman, chief market strategist at Salomon Brothers.

While many investors will feel cheated out of their paper profits, said Roach, the drop yesterday still didnt put a dent in the market phenomenon of the past several years.

If you put $1,000 in the market at the end of 1994, youd still have $1,900, he said. There was a lot of damage done today, and tomorrow wont be pretty. But breaks like this are usually followed by a pause and some reflection.

Among other indicators yesterday:

Declining issues outnumbered advancing ones by about 16 to 1 on the New York Stock Exchange. NYSE volume totaled a record 685.52 million shares, up from the 677.7 million traded Friday.

The Nasdaq composite index fell a record 115.83 to 1535.09. The NYSE composite index fell 32.56 to 463.21 and the American Stock Exchange composite index fell 40.77 to 660.41.

The 30year Treasury bond rose $20 for each $1,000 in face value. Its yield, which moves in the opposite direction from price, fell to 6.12 percent from 6.27 percent late Friday. The yield was the lowest since it finished at 6.09 percent on Feb. 14, 1996.

In late New York trading, the dollar was quoted at 121.88 Japanese yen, up from 121.87 late Friday, and at 1.7495 German marks, down from 1.7730. In Tokyo late Tuesday yen , the dollar was trading at 120.56 yen. shop outlet stores online