Posted on 08/02/2011 1:29:40 PM PDT by blam
STOCKS GET DESTROYED, DOW FALLS 266, GOLD SURGES: Here's What You Need To Know
Joe Weisenthal
Aug. 2, 2011, 4:00 PM But first, the scoreboard:
Dow: -265.72
NASDAQ: -75.43
S&P 500: -32.89
And now, the top stories:
* First, we'll just get it out of the way. The debt ceiling story is over. The Senate passed the hike and Obama signed it. The story's resolution provided no lift to stocks whatsoever. Re-live today's full events here >
* The bigger story is Europe going blamo. Italy and Spain just keep looking like they're about to get sucked into the vortex. Yields are surging in both countries.
Bank stocks are getting their heads beaten in. Politicians in both countries are doing the same song and dance, claiming that they're fine. It's bad news, and both countries are probably too big to save. If they go, the Eurozone goes kaput. Click here to see who gets smashed if Italy goes bust >
* And then again, the weak US economy. Consumer spending in June went negative "unexpectedly." Income growth was also poor.
* Mix it all up, shake... You get stocks killed, Treasury yields collapsing (why is the government worried about saving money again?), gold soaring (up nearly $40!), the Franc soaring and the yen soaring. Even silver caught a nice bounce today. The S&P is now down for 2011. This is also the 8th straight down day for the Dow, which is the first time since this has happened since October 2008. Uh-oh.
* Ominously, the selling was super-aggressive late in the day.
* In terms of sectors, the biggest losers was industrials (down 3%) followed by consumer services, down 2.7%.
(Excerpt) Read more at businessinsider.com ...
Bump
DJIA down 265.87
I want our “worst economy since Herbert Hoover” back!
Asia will be interesting to watch tonight.
I can’t believe the DOW stayed above 12,000 for as long as it did.
I have found this website to be a very useful source of information on the economy, gold, and silver.
http://goldismoney.info/forums/
Yesterday was a blood bath.
Dollar is now at its lowest ever - Im guessing the USD will drop below 1.20 to the SGD today. Watch it and you guys owe me a beer if it does. :-)
Snort, don’t believe your lying eyes:
Market Views Debt Deal Mostly Positive
http://www.freerepublic.com/focus/f-news/2757640/posts
Market Views Debt Deal Mostly Positive
If you own bonds and gold, those markets just love the Obama-Bernanke combo.
Obama spends the money.
Bernanke prints the money.
Gold and bond owners make money.
Libtards are blaming the fall of Dow on cutting spending during a recession. Only libs and DC think that an increase in the debt ceiling is cutting spending.
This whole “debt ceiling” episode simply proved that even though Congress and the Media went crazy with debate, they wound up cutting very little.
It demonstrates that REAL change will be impossible.
Bump
Time to get the shovel and the pan and head on out to the creek and get me some nuggets.
Check this out:
http://www.freerepublic.com/focus/news/2757619/posts?page=33#33
Blam, do you remember the thread yesterday where a graph of the price of gold in dollars compared to the US national debt? I can’t seem to find it today.
Can’t be! Obama saved us! Congress saved us!
I don't believe anything. Site A says the Tea Party got what it wants, Site B says the Tea Party are the big losers. Site C says there were no winners, Site D says the stimulus is the big loser, while Site D says that Obama is the big winner.
I don't believe anything I hear on the news or read in the papers, or anything I read on the internet. I intake information and come to my own conclusions...often days later.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.