Posted tagged ‘Stock Market Crash’

Stock Market Takes a Beating…

May 6, 2010

At one point, the Dow Jones was down nearly 1,000 points today.

Luckily for investors, the market has gained back nearly 2/3 of what it at one time had lost today.

Pretty crazy!

From the New York Times:

The market decline on Thursday turned into a freefall, with major indexes tumbling more than 8 percent in afternoon trading. And the euro declined more than 2 percent.

In afternoon trading, the Dow Jones industrial average was down 8.8 percent, or 996 points. The Standard & Poor’s 500-stock index was down 90 points or 7.73 percent, and the Nasdaq was down 175 points, or 7.2 percent.

Investors took in the latest reports in the United States on jobless filings, retail sales and productivity, and then turned their attention back to Europe and the concerns that Greece’s debt problems might spread.

From the Associated Press:

Stocks are plunging as investors give in to fears that Greece’s debt problems will spread and halt the global economic recovery.

The Dow Jones industrial average is down more than 870 points and Treasury prices are soaring. Computer program selling is intensifying the selling.

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Struggling Economy? Not for Gentleman’s Clubs

October 10, 2008

While the rest of the country is seeing sharp declines in sales and all other points of business, one industry is seeing quite the opposite. The New York Times is reporting that business in upscale Manhattan gentlemen’s clubs has actually jumped in recent weeks. Must be those businessmen who need relief from their days on Wall Street.

From the New York Times:

The implosion of the financial markets seems to mark the twilight of the second gilded age. History may look back with scorn at $30,000 couches, $600-an-hour therapists, $25,000 hot chocolates and super Sweet 16 parties.

The Wall Street folks, you’d think, seem to be saying goodbye to all that.

Except, apparently, in one area: strip clubs (or “gentlemen’s clubs,” as they like to brand themselves).

“Since the market has been going down, our business has been going up — it’s unbelievable,” said Sam Zherka, the owner of the V.I.P. Club in Chelsea, who estimates that about 80 percent of his clients are Wall Street types. (You’d think the lawsuits would have dampened that, but it seems fine as long as they’re not entertaining clients on their work-related expense accounts.)

Mr. Zherka added, “A lot of guys are losing their shirts in the market, and they are coming in droves.”

Business is up around 20 percent, he estimated, even though he does not advertise atop taxicabs.

“We’re an upscale gentleman’s club,” he said disdainfully.

In a moment of shrewd business, perhaps, Mr. Zherka and the club decided to introduce a premium product: the $1,000 lap dance package.

The package will buy a 20-minute lap dance, a bottle of Dom Pérignon and a private Champagne room. Not to mention, as Mr. Zherka did, they also “get to keep the girl’s G-strings.”