Posted on 03/13/2007 6:52:54 PM PDT by shrinkermd
Stocks tumbled Tuesday as investors fretted about the resiliency of the consumer, amid further concerns about the subprime lending industry, disappointing retail-sales data and weakness in the tech sector.
The Dow Jones Industrial Average fell 242.66, or 2%, to 12075.96. Year-to-date, it is now down 3.1%. The S&P 500 lost 28.65, also a 2% drop, to 1377.95, off 2.8% year to date. The Nasdaq Composite Index was off 51.72, or 2.2%, to 2350.57. It is 2.7% lower on the year. Each of the three indexes suffered its second-biggest decline of the year.
The indexes started off moderately lower as a subprime lender faltered, retail-sales numbers came in below expectations and Texas Instruments gave disappointing earnings guidance. Then a report came out showing increased delinquency rates on subprime mortgages, and stocks declined even further. When General Motors Acceptance Corp. said its income was hurt by nonprime loans, potentially hurting blue-chip General Motors, the Dow was trading at a loss of more than 200 points. The indexes ended near their lowest levels of the day.
On the NYSE, decliners outnumbered advancers by about five to one. Volatility was markedly higher due to the big index moves, and in advance of Friday's quadruple-witching expiration of futures and options contracts. The declines triggered trading curbs late in the day on the NYSE. The Russell 2000 index, which focuses on small stocks, ended down 2.5%...
(Excerpt) Read more at online.wsj.com ...
Did not take long for the dem's running congress to destroy the economy.
Nice, Nancy, nice job.
Since November, the Party of Woe is in charge. Woe to all, and to all a sad woe!
Repeat after me:
"President Bush inherited the Clinton recession, then we were struck by the terror attacks in 2001. Despite this, his tax cuts proved successful, and we were on a consistent string of positive economic and market performance for more than 6 years. The Democrats took control of the House and Senate in January, and since then the economy has been shaky, and the markets have been in turmoil, reversing the past year's gains in just a few short weeks ... proving once again, what's good for the Democrats is bad for America."
Repeated. The American people had better wake up.
Democrat leadership is paying off real well so far.
Well said.
A correction that was overdue … now we can get down to real stock value.
THE FAULT OF NANCY!!!
What is the Democratic Congress doing to save public pension funds from an investment meltdown?! Holding hearings on Scooter Libby!
The Pelosi Plunge.
That would be affirmative. While also trying to figure out where to "redeploy" our forces while trying to determine if it is 2008, 1980, or 1908. The markets are becoming jittery over Democrat (=lunatic) control. But you will not see a single story about this in the MSM.
The stocks plunge and the democrat party rejoices.....
I'm with you! Even if it corrects another 5%, that only amounts to a serious 10% correction to an all time DJIA high!!!
We may still need a PPPT (Pelosi Plunge Protection Team) someday, but not quite yet.
All the pundits are not blaming the climb of gasoline back over $3/gallon as it is here in northern CA...
Amazing how the msm has avoided the gas prices in Californiacator land. Hi test might make $4/gallon if the increases keep up.
Amazing how the msm has avoided the gas prices in Californiacator land. Hi test might make $4/gallon if the increases keep up.
It just confirms that markets are just an emotional auction... And they certainly were today!!!
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