Stocks Hammered In Final Minutes Of The Day: Here's What You Need To Know

The Business Insider ^ | 5-24-2010 | Joe Weisenthal

[blam]

Stocks Hammered In Final Minutes Of The Day: Here's What You Need To Know

Joe Weisenthal
May 24, 2010, 4:00 PM

On Friday, things were looking mixed until the final moments of the day, and then stocks surged. Today, it was the reverse. After only being down modestly, stocks really got hit hard in the final 15 minutes of trading

But first, the scoreboard:

Dow: -1276 (-1.24%)
S&P 500: -14 (-1.29%)
NASDAQ: -15.49 (-.7%)

And now to the day's top stories:

* Today's markets were characterized by calm selling, which is a departure from last week's panic selling, but also indicative of a new mindset that when there's no major news, the default is to sell. And then of course, the markets dove in the final minutes. See Deutsche Bank's cause for bullishness here >

* Financial stocks were hit the hardest, as banking fears grow, and questions about financial reform linger. Losers included Bank of America (BAC), Goldman Sachs (GS), and Morgan Stanley (MS) Click here to see the hedge fund managers getting hammered >

* An issues that's been of concern for some time -- Spanish debt and the health of its banking system -- is starting to come into the fore. This weekend Spain seized one bank, and today investors were unnerved by an organized merger of four weaker institutions. For more on the Spanish banking crisis see here >

* The oil leak in the Gulf continues to spew unabated. Towns in Louisiana are already seeing a major hit to real estate. See what Grand Isle Louisiana, arguably ground zero, looks like now >

* One notable winner today was gold which, after selling off last week, rebounded nicely today.

[snip]

[blam]

The DJIA closed down 127. Click here to see the daily chart.

[OB1kNOb]

Dow: -1276 (-1.24%)

I just about swallowed my tongue when I first read this...........

[nina0113]

Me too! Amazing what a scare a dropped decimal point can give you...

[Man50D]

One of the socialist’s goals is to merge all banks into the Bank of Barack.

[camerongood210]

I’m starting to really like business insider

[BreitbartSentMe]

Bad Link

[taxcontrol]

Said it before, will say it again. Next support test is down at 9,000

[Cold Heart]

On a better note, I found some really cheap Roundup herbicide. ($65/2.5 gal)

[CholeraJoe]

Spain’s economy is in trouble, hmmm?

There’s your “S” in PIGS.

3 weeks until I go to Europe. I’d like to see the Euro at about $1.15 and the Pound at about $1.38.

[thefactor]

Fat finger post?

[LearnsFromMistakes]

I read this article last week and formed the opposite opinion.

http://www.businessinsider.com/how-steve-jobs-blew-103-billion-on-the-dumbest-trade-ever-2010-5

[bruinbirdman]

"Amazing what a scare a dropped decimal point can give you..."

Do I see that the DOW ended at 10066.6, the NYSE ended at 6666?

That's a lot of 666s

yitbos

[American Constitutionalist]

Dow: -1276 (-1.24%)
I just about swallowed my tongue when I first read this...........

Ahhhh come on now, don't ya know ? we have the best president and best administration and congress ever ? the maim stream media has been telling this... they can't lie ? .... don't ya know we are in the best recovery EVER !!! ??? don't ya know that ? the main stream media has been telling this golden true for a year now, they can't lie ? can they ? ( MEGA BARF SARCASM !!!! ) .....

[Carley]

Ouch.........that had me rushing to the DJIA page on google.

[massgopguy]

666 was the combination on the briefcase in Pulp Fiction.

[musicman]

"One of the socialist’s goals is to merge all banks into the Bank of Barack."

[American Constitutionalist]

http://www.djindexes.com/

[Carley]

Thanks I added it to my favorites.

[blam]

This Market May Look Boring But Check Out The Chaos In Financials

[blam]

Sell At The Bell: Dow Loses 127 As Banks Slide