Posted on 08/04/2011 11:54:58 AM PDT by NormsRevenge
NEW YORK (Reuters) - Investors fled stocks on Thursday, putting the S&P 500 into correction territory, as worries about the U.S. economy and European debt escalated.
All three indexes were down 2 percent, having fallen more than 3 percent each at one point. Decliners beat advancers on the New York Stock Exchange by 14 to 1.
"People are throwing in the towel because they can't find relief on any front. There are a lot of worries about the economy," said Milton Ezrati, market strategist at Lord Abbett Co. in Jersey City, New Jersey, which manages $110 billion in assets.
The Dow Jones industrial average was down 284.35 points, or 2.39 percent, at 11,612.09. The Standard & Poor's 500 Index was down 32.39 points, or 2.57 percent, at 1,227.95. The Nasdaq Composite Index was down 72.21 points, or 2.68 percent, at 2,620.86.
The S&P 500's losses since its May 2nd intraday high have now reached more than 10 percent, putting it in correction territory.
(Excerpt) Read more at finance.yahoo.com ...
The Dow is now in the mid -300s after hitting the -400 mark a short while ago..
Party on while the US is burning to the ground due to his policies and leadership.
fwiw - from the piece
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A series of breaks in technical support suggests further losses, according to market technicians.
“It doesn’t look good,” said John Kosar, director of research at Asbury Research in Chicago. “Frankly, you have to look pretty hard to find anything technically that looks constructive.”
He sees another 5 percent to 8 percent in losses in the S&P 500 from this point.
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Recovery Summer ReDuX!!! hey , UNcle Joe!! How ya doin’? Putz.
And a big fat Raspberry to the Republicans who just had to rush something through to save the economy and the stock market.
They could have waited for a deal that would have made a difference.
Profit taking. The second low was quite a bit lower volume so the down move was losing steam. The speed of the up move looks characteristic of short covering, though it is of lower volume than the last down move so we might make another run for the bottom before the day is over.
Uncertainty, my eye! I’m certain somebody’s wreckin’ the joint.
The numbers do not lie....
You’d think there is some buying as some investors do what is called cating a dropping knife.
You’d think there is some buying as some investors do what is called catching a dropping knife.
Gold and Silver on-sale!
it’s a RAAAAAAAACIST CONSPIRACY I tell ya! /sarc
“Stocks in U.S. plunge 3% on economic uncertainty”
#####
Grossly incorrect.
“Stocks in U.S. plunge 3% on Implementation of Communism”.
Nothing “uncertain” about it.
You mean it’s not a case of the ‘Peter’ Principle meeting the electoral process and all of us losing and there is nothing we can do to seek redress?
What a country!
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Pitchfork and tar futures up sharply.
Giddyup.
No, the market is falling on economic CERTAINTY.
It is a certainty that up to 12% of GDP is borrowed and that the borrowing must stop.
It is a certainty that Europe is in a state of economic near-collapse.
It is a certainty that US unemployment is and will remain persisent and pernicious and will not improve until this administration changes its vicious stance towards any sort of economic activity that it does not control.
It is a certainty that GDP numbers have been inflated by over 2.5 points since 2007 as recently revealed by the BLS.
The market understands that this rogue administration of economic vandals, idealogues, and juvenile delinquents will only seek to strengthen its grip on its preferred forms of non-reality as the 2012 elections appraoch.
In my ten plus years of trading and watching the market, there has rarely if ever been more certainty. The certainty is that the economy is following a path based upon malinvestment, misdirection, cronyism, and the deliberate attempt by the administration to impoverish the citizenry so it can buy their support with any number of welfare programs and wealth confiscation schemes.
From his perspective, this is a GREAT birfday present.
actually that is....catch a falling knife
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