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 ...
QEIII.
Impeachment would work much better.
—
The latter stimulates the heck out of me. ;-)
Silver lining?
Oil falls to lowest level in 6 months
http://finance.yahoo.com/news/Oil-falls-to-lowest-level-in-apf-226256381.html
NEW YORK (AP) — Oil dropped to a six-month low Thursday as investors continue to worry about sliding energy demand and a sluggish U.S. economy.
Benchmark West Texas Intermediate crude for September delivery fell $5.17, or 5.6 percent, to $86.77 per barrel in afternoon trading on the New York Mercantile Exchange. Oil dropped as low as $86.04 per barrel earlier in the day, its lowest level since February.
LOL...sure beat the but message! ;)
Maybe this is Zer0’s “next crisis” that Rush predicted?
I’m keeping most, but have had to dump two of the highest dividend paying stocks.
Thanks Congress! And many thanks to the SOB that is celebrating his 50th!
Obama signs debt ceiling bill, ends crisis
August 02, 2011|By Alan Silverleib and Tom Cohen, CNN
President Barack Obama on Tuesday signed into law a last-minute compromise plan to raise the nation's $14.3 trillion debt ceiling, narrowly averting what could have been an unprecedented default with calamitous economic consequences.
Happy birthday jug ears.
.
Kristen Benz Retail Analyst for Fox News “ HAPPY BIRTHDAY BARACK!”
I must have mis-heard this AM. CNBC just said it was BoNY charging large depositors.
If this doesn’t finally kill keynesian economics, nothing will.
Well, they (the jackasses and LSM) cannot blame this on a gov’t shutdown and “default” garbage. If the House had held out the budget talks to now, they would have really been screwed over the Dow’s performance now.
Perhaps the debt “deal” and the recent economic reports are the culprits here?
Obama is King, all rejoice!
I wonder how all that hope and change is working out for all the obama supporters.
Ya think this is the kind of change they were hoping for?
But you couldn’t tell them what was coming. All they saw was a *black* man in the White house and it would be all rainbows and gumdrops and ponies now.
my gawd..it even took gold with it?????
Great tagline, but the word “recession” should be replaced with “depression.”
Did any Libyan War vets show up at the party and get teargassed and dragged off by the National Guard? Happened with WW I vets and Herbert Hoover.
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