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Broad Selloff: Stocks Tumble 1%, Dow Falls 200 to Close Below 15,000
CNBC ^ | 06/05/2013 | By: JeeYeon Park

Posted on 06/05/2013 1:25:37 PM PDT by SeekAndFind

Stocks posted sharp declines across the board Wednesday, with the Dow ending below 15,000, following weakness in overseas markets and amid concerns over when the Fed will start tapering its bond-buying program on the heels of several mixed economic reports.

"There has to be some sort of convergence between stock prices and economic data," said Sal Arnuk, co-manager of trading at Themis, noting that the move lower has been "quiet and orderly" with "adequate volume." "The selloff's based on lukewarm economic data, fear over Fed tapering and it's also somewhat natural given the highs we've recently made."

The Dow Jones Industrial Average tumbled more than 200 points, suffering its worst one-day drop in nearly two months, led by Alcoa and Walt Disney.

The S&P 500 and the Nasdaq also ended sharply lower. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, spiked above 17.

All key S&P sectors were in the red, dragged by materials and financials.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: dow; dowjones; stockmarket

1 posted on 06/05/2013 1:25:37 PM PDT by SeekAndFind
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To: SeekAndFind

What possibly could be causing this turmoil?

Well, thankfully, we know it can’t be the central socialist government headed up by an unknown Halfrican muslim. Right?

I mean, really. This is the most transparent government in America’s brief history. Like, wow. We’ve performed a unique experiment by electing our first African president. He, in turn, has rewarded his loyal supporters by appointing only the most bizarre staffers.

We have much to be thankful for.


2 posted on 06/05/2013 1:30:37 PM PDT by IbJensen (Liberals are like Slinkies, good for nothing, but you smile as you push them down the stairs.)
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To: SeekAndFind

Sell baby, sell. They’ve been talking about it for weeks already.


3 posted on 06/05/2013 1:38:57 PM PDT by lucky american (The Democrats will follow the big "D"even if it means going over a cliff.)
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To: lucky american

Not selling. Getting ready to buy. They are going into a next round of bankrupting the middle class.

I got out when gold topped off and am holding cash. Looking for that good stock that is going to take the hit.

My prediction is another round of BOA. First thing Obama does is go after the banks. All the players sell, stck drops a few points then they buy it all up. Wash, rinse and repeat.


4 posted on 06/05/2013 1:48:22 PM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: SeekAndFind

The wings are a shakin’ and the stall has begun.

Let Krugman and his clueless minions keep the stick and we’ll soon be in a full spin.


5 posted on 06/05/2013 1:51:55 PM PDT by Da Coyote
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To: lucky american

Gee, the market NOW is finally adhering to reality. What was it doing the last 9 months?

Has anyone seen what the Japanese market has been doing? It is in total crash mode.


6 posted on 06/05/2013 1:52:43 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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To: EQAndyBuzz

Sell, THEN buy.


7 posted on 06/05/2013 1:52:50 PM PDT by FrdmLvr (culture, language, borders)
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To: SeekAndFind

Do I sell everything and pay the 23.8% tax?


8 posted on 06/05/2013 1:53:53 PM PDT by ncfool (Obama's aMeriKa 2012 can we make it until 2016?)
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To: ncfool

No.


9 posted on 06/05/2013 1:59:14 PM PDT by pieceofthepuzzle
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To: SeekAndFind

“But look here — the new Blackberry is out! Look at it! LOOK AT IT!” — CNBC for about two hours today


10 posted on 06/05/2013 2:11:14 PM PDT by jiggyboy (Ten percent of poll respondents are either lying or insane)
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To: SeekAndFind

The question is whether the market confidence is driven by stimulus or by actual recovery. The jobs report and economic indicators (I give more weight to The Conference Board than what the gummint puts out)look positive. Not strong, but not negative, either. The May ISM ROB shows upticks in new orders and employment in the US manufacturing sector also, although the PMI dropped overall.

You’ve got to do your homework to know the truth about what’s going on in the economy.

Industries reporting growth: Printing & Related Support Activities; Nonmetallic Mineral Products; Fabricated Metal Products; Wood Products; Furniture & Related Products; Apparel, Leather & Allied Products; Food, Beverage & Tobacco Products; Electrical Equipment, Appliances & Components; Machinery; and Paper Products.

The six industries reporting contraction in May — listed in order — are: Miscellaneous Manufacturing; Transportation Equipment; Chemical Products; Plastics & Rubber Products; Computer & Electronic Products; and Primary Metals.


11 posted on 06/05/2013 2:17:31 PM PDT by bigbob
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To: SeekAndFind

Not long ago, Ben Bernanke looked the financial world in the eye and publicly promised that he would not stop purchasing $85 billion worth of bonds each month until our unemployment rate fell to 6.5 percent — much lower than it is now.

So why is the financial world wringing its hands now in imminent expectation of an end to the Fed’s bond purchases? Have they lost confidence in Ben Bernanke’s character? Do they no longer trust him to keep his word?

And why, while the markets have been falling, couldn’t Mr. Bernanke try to stabilize them by stepping up and publicly reiterating his 6.5% promise? Is Ben Bernanke a knave or a fool or a nebbish?


12 posted on 06/05/2013 2:26:13 PM PDT by Bluestocking
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To: Sam Gamgee

Japan was up almost 50% for the year then falls 30% but is still up 20% for the year (vs 10% for S&P). I wouldn’t call that a crash. :-).


13 posted on 06/05/2013 2:40:08 PM PDT by plain talk
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To: pieceofthepuzzle

That is exactly How I have handled every down turn since 1987... just stayed the course. Over any 7-10 year period I have regained any short term loses.


14 posted on 06/05/2013 2:45:55 PM PDT by ncfool (Obama's aMeriKa 2012 can we make it until 2016?)
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To: SeekAndFind
"Broad Selloff: Stocks Tumble 1%, Dow Falls 200 to Close Below 15,000"

Oil and Fuel Continue High Through Summer, Tourism Still Dead


15 posted on 06/05/2013 2:46:14 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: jiggyboy

Did lose about $50.00 a share on Blackberry so I don’t look at them any more.


16 posted on 06/05/2013 2:46:54 PM PDT by ncfool (Obama's aMeriKa 2012 can we make it until 2016?)
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To: SeekAndFind

I saw some government pensioned, elderly lady investors trying to jump rope and chanting, “Sell in May, and go away.” Looks like the herd is getting spooked.


17 posted on 06/05/2013 2:52:48 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: EQAndyBuzz

You and me both. I’m ready to re-position my portfolio. I love the mREIT dividends, but it may be time to vacate that sector.
Financials?.............got bit in the rear by them back in ‘08, so I’m hesitant.


18 posted on 06/05/2013 4:28:04 PM PDT by Sarajevo (Don't think for a minute that this excuse for a President has America's best interest in mind.)
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To: Sarajevo

I heard Obama talk about Bank of America and the stock went down to 4. A friend of mine who is in the business said this wasn’t a coincidence.

BoA is now at 13, up 87% from January 12.

He told me to wait until Obama hits an industry. Hold off until the selloff ends then buy as much as you can.


19 posted on 06/05/2013 4:34:52 PM PDT by EQAndyBuzz (The reason we own guns is to protect ourselves from those wanting to take our guns from us.)
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To: EQAndyBuzz

That sounds like a good technique!


20 posted on 06/06/2013 1:27:58 PM PDT by Sarajevo (Don't think for a minute that this excuse for a President has America's best interest in mind.)
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To: plain talk

The Japan market was up on fantasy obviously. This is a country with a demographic death wish.


21 posted on 06/06/2013 1:56:21 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
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