Misleading Reports by Dow Jones Newswires Killed 2 Day Rally on the Dow


Talk about a total disappointment and damn bias... This just shows how far the American "mainstream" media will go to get Obama elected. The Dow moved over 400 points down in about 5 minutes into the close. And it seems that the sell-off was caused by a false reporting by a leading newswire service. General Electric investors were shocked late in the trading day when reports began circulating that the conglomerate’s chief executive said the company was looking to maintain its 2009 profit at 2008 levels, giving the entire stock market a kick in the teeth just as trading was ending for the day. This is not easy to sort out, but most traders put the bulk of the blame for the sell-off on purported comments from General Electric's chief executive. After about 18 minutes after the close of the market it came to light that the DJ Newswires' shocking story was completely phony.

But the false report was already broadcast on CNN, Bloomberg and CNBC at about 3:45 which was 15 minutes before the markets closed in New York. However, General Electric's CNBC network later said the comments attributed to Jeffrey R. Immelt were taken out of context, apparently from the response to a hypothetical question posed at a dinner in Madrid... GE Corporate Communications has responded to the Dow Jones Newswires' false reporting by saying that Mr. Immelt's comments were not only taken out of context, but he is not making any new forecasts. The statements were not new, so this breaking news report may have been a dirty ploy to end the rally in the stock market which would help Obama.

We have seen a recent gain in McCain's poll numbers that some are correlating to the gain in the stock market. The inaccurate report by Dow Jones Newswires ended one of the greatest 2 rallies in the history of the of the US stock market. The Dow ended the day about 75 points lower at 8,990.96 as a result of bias journalism by Chris Sanders and the Dow Jones news service.

The comments by GE's chief executive were made to Dow Jones Newswires but were misquoted late today. Dow Jones Newswires has some explaining to do (Reporting by Chris Sanders; Editing by Jan Paschal) and this incident needs to be investigated by the SEC.

A spokesman for General Electric
Co said on Wednesday that a Dow Jones report quoting Chief
Executive Jeff Immelt as forecasting flat profit in 2009 was
“completely out of context and inaccurate.”

Immelt’s comments, made at a business group dinner in
Madrid, Spain, were a response to a hypothetical question about how to
motivate managers during a time of financial crisis, said
Russell Wilkerson, a GE spokesman.

“There was no forecast, no guidance given here,” Wilkerson
told Reuters in a phone Plumbers in Sydney - 23 interview.

The Dow was up by well over 200 points and drop to under -200 in just about 5 minutes when the inaccurate news hit the business news channels. The last 15 minutes of trading was insane. To cause a move in the market of more than 400 points with false news is a scandal. The 400 point drop is about $600 billion lost to the markets.