Posted on 02/04/2010 12:49:56 PM PST by Signalman
NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday, with the Dow and S&P 500 near 3-month lows, amid fears of sovereign debt woes in Europe and a rise in weekly jobless claims ahead of Friday's big monthly employment report.
The Dow Jones industrial average (INDU) lost 244 points, or 2.4%, with 15 minutes left in the session. The S&P 500 index (SPX) fell 30 points, or 2.8%. Both indexes were on track to close at the lowest points since Nov. 6.
The Nasdaq composite (COMP) fell 59 points, or 2.7%, and was on track to close at the lowest point since Nov. 30.
Debt woes propelled the dollar to a more than seven-month high versus the euro, which in turn pummeled dollar-traded commodities such as oil and gold. Treasury prices spiked, lowering yields, in a classic flight-to-safety move.
Meanwhile, the VIX (VIX), Wall Street's fear gauge, spiked 18%, suggesting investor nervousness was increasing.
(Excerpt) Read more at money.cnn.com ...
Actually, if you look at the market and all commodities, it appears to all point to a strengthening of the dollar to the tune of 3% or so.
Slump? I guess they’re just being kind.
Yikes....
Anyone still in this farce of a system formerly called the ‘stock market’ is part and parcel supporting this destructive government...you might make money, but it is at the expense of other real Americans that have mistakenly retained their faith in this system. It is lost.
Yup. The US Dollar is a lousy currency...except for all the rest.
This is going to be an interesting year in the markets.
Given today’s action, one might begin to wonder if this is the end of the European Union and the demise of the Euro?
We’ll see.
“Actually, if you look at the market and all commodities, it appears to all point to a strengthening of the dollar to the tune of 3% or so.” ?????
The DJ has lost 270 points today (4 pm EST) and the market is approaching having lost 3% of its total worth and it is about to dip below 10,000...
The S & P lost over 3%
Bush’s fault?
So we are facing deflation not inflation - who knew? Try and think through the dangers of deflation versus inflation and it gets scary real fast. Good to know that we have an experienced -resident supported by a crack jack staff of financial wizards. Hold on America, this is where we find out how tough we really are.
I agree 100%, having reached this conclusion over a year ago. I had stopped contributions to my 401k last winter, and I took the hit and completely cashed it out in January after getting laid off.
The whole house of cards is starting to come down. Better get your money while you can. The .gov is going to crash the market in order to prop up treasuries.
Remember...unemployment and Husseins threats aimed at banks and Toyota had NOTHING to do with it!
The free market (Capitalism) did not cause this crisis, the government (Socialism/Communism) did.
The free market did not take us off the gold standard, the government did.
The free market did not dump trillions of dollars of cheap money into the system, the government did.
The free market did not create multiple trillion-dollar entitlement programs, the government did.
The free market did not create Fannie Mae, Freddie Mac, Sallie Mae and Ginnie Mae, the government did.
The free market did not write a tax code that favors one product (real estate) over others, the government did.
The free market did not destroy our public school system and graduate (or fail to graduate) generations of civically and financially illiterate citizens, the government did.
The free market did not drive our jobs overseas and kill our entrepreneurial spirit with over-taxation, over-regulation and frivolous lawsuits, the government did.
The free market did not pass laws that force banks to lend to those who do not qualify for a loan, the government did.
This crisis is the result of a giant social engineering experiment and vote-buying scheme gone tragically wrong.
The free market does not try to engineer society or buy votes, the government does.
The government caused this crisis, the free market did not.
The government cannot fix the crisis, the free market can.
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