Just days after closing above 14,000 for the first time in history, the Dow Jones Industrials plunged more than 350 points because of worries over subprime mortgages.

Wall Street suffered its second-biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate lending markets. The Dow Jones industrials fell more than 350 points, while Treasury yields plunged as investors moved money into bonds.

Investors who had been able to shrug off discomfort about subprime mortgage problems and a more difficult environment for corporate borrowing appeared to finally succumb to those concerns. The Dow’s drop is the biggest since it plummeted 416 points on Feb. 27 after a nearly 10 percent decline in Chinese stock markets.

While the mainstream media will hype this til they are blue in the face, trying to convince us that the economy is about to tank, I predict a major corporation will turn around and announce some positively shocking news and the market will quickly recover from this dip.

Then again, the Fed could just open his mouth and tell people things look good and that would fix it before noon tomorrow.

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