Stocks plunged, but they aren’t plunging

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U.S. stock indices dropped markedly (but less than European ones had earlier in the day) as markets opened this morning. Since then they’ve been flat to up. What does that mean? That the crowds that set market prices don’t think the apocalypse is upon us. Now I’m not as convinced of the wisdom of such crowds as some people, but I do take this as a sign that the financial media are maybe painting this as a slightly more epochal series of events than it really is.

That said, all the really interesting movements on the market seem to happen right at the open and right before the close. So ask me again at 4:30.