Welcome to the United States of Obama
Posted on 08/04/2011 11:54:58 AM PDT by NormsRevenge
NEW YORK (Reuters) - Investors fled stocks on Thursday, putting the S&P 500 into correction territory, as worries about the U.S. economy and European debt escalated.
All three indexes were down 2 percent, having fallen more than 3 percent each at one point. Decliners beat advancers on the New York Stock Exchange by 14 to 1.
"People are throwing in the towel because they can't find relief on any front. There are a lot of worries about the economy," said Milton Ezrati, market strategist at Lord Abbett Co. in Jersey City, New Jersey, which manages $110 billion in assets.
The Dow Jones industrial average was down 284.35 points, or 2.39 percent, at 11,612.09. The Standard & Poor's 500 Index was down 32.39 points, or 2.57 percent, at 1,227.95. The Nasdaq Composite Index was down 72.21 points, or 2.68 percent, at 2,620.86.
The S&P 500's losses since its May 2nd intraday high have now reached more than 10 percent, putting it in correction territory.
(Excerpt) Read more at finance.yahoo.com ...
If we keep doing what Obama and Reid want and Boehner acquiesces, I’d say thereisn’t any uncertainty whatsoever. The future is pretty certain.
The beginning of the end. These past 2 weeks millions of Americans and foreign investors have had a chance to examine the books. The debt of this Country is beyond comprehension.
I made the mistake by picking up a few groceries at Walmart August 1st. The checkout lines were 20 deep with food stamp customers. Their carts were loaded as if they were stocking up for a year. I couldn’t help but feel that we have zero chance of economic recovery.
Welcome to the United States of Obama
FWIW, all the corporations sitting on cash can buy back some of their stock cheap.
Don’t worry will be back below 200 before the days over the feds will pump some money into the market before its over... they have done it before , they will do it again. the feds should be great at printing money before its over with. again I could be wrong
Uh, you forgot to add to the title — “unexpected”
But.... it's not my fault!
It's those "headwinds" from Europe.
It's that nuclear accident in Japan!
It's those Tea Partiers who kept us from raising the debt ceiling on time!!
It's the economy I inherited which Bush drove into the ditch with his tax cuts for millionaires and billionaires!!!
So, what do you expect me to do, anyway? I've got a fund-rais... er, a party to attend...
Thank god we passed that debt bill or this would be a lot worse.
So when can the liberals running Wall Street expect their big dollar bailouts. :)
...our work is not even half done....
or something to that effect.
First black president, 50th birthday, market crash, it all ties together naturally to place it in time as a headline.
Seems logical to me :^)
Yeah but they’re fairly predictable.
God help us to hold on until November 2012.
I told anybody who would listen in 2008 that we’d be lucky to survive 4 years of Obamanomics.
The problem with that kind of certainty is that it compels companies to keep their money on the sidelines instead of putting it to work. News has been saying for a while now that there are trillions of dollars parked and not being used by American businesses.
They can do that for a while.
There comes a point, though, where the economy gets so bad that parked money loses value, either because interest rates go up or because investments tank. (As they did today.)
If nobody is winning, then nobody is earning and nobody is growing.
The EBT card stands for the "Elect Barack Trust" organized community.
Well, we can at least take comfort in the president enjoying his birthday. Some good news today.
/sarc
So you’ve seen this act before.
It’s always interesting to watch the regular buyers drive the market in the last hour. (sarcasm)
That looks like a picture of Obamaville. Where we are all the same.
I think luck ran out this week with the debt ceiling bill passage.
Into the abyss we go at full throttle.
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