Posted on 08/08/2011 1:11:00 PM PDT by NoLibZone
U.S. stocks plunged deep into the red on Monday as fearful investors faced the news that the United States had lost its coveted "AAA" credit rating.
All three major U.S. stock indexes were down between 4% and 5%, pushing the Dow below 11,000 for the first time since November.
The stock market has now lost 14% during the past two weeks.
Market observers tried to say the downgrade by itself shouldn't matter -- that it was expected and that the United States still has a strong credit rating.
But the market wasn't buying it.
"Investors are having one reaction to the downgrade: sell first and ask questions later," said Paul Zemsky, head of asset allocation with ING Investment Management.
Even if investors dismissed the downgrade, they'd still have to contend with the European debt crisis and rising fears of a new U.S. recession.
Those are the factors that led to a drop of more than 6% last week, the worst since the financial crisis of 2008.
(Excerpt) Read more at money.cnn.com ...
It’s Obamanomics. We need fiscal discipline, balanced budgets, and stopping the printing presses.
DOW -625
The Plunge Protection Team managed to keep it exactly one point above 11000.
My bad. Old reading. Real one is 10,810.83
-633.78 (-5.54%)
Limbaugh was speculating that they were placing huge “buy” orders in order to goose a rally after he spoke. Either he scared them off by saying that or the selloff was just too great and overwhelmed them.
barack obama-Mmmm, mmmm, mmmh!
0 still gets his mmmm, mmmm, mmmh though.
Gold soars as people realize paper money is worthless.
I just heard NPR report that everything got slammed today and that there were “no safe havens”.
I’m thinking, “I can think of one.”
Obastard’s friends are all selling short! This is a set up. Didn’t Soros make his money this way?
Any idea what the Asian stock futures indices are looking like right now? Typically, when there’s a big sell-off on the US markets, it’s followed up by a sell-off on the Asian bourses as well. And then, Europe (which has it’s own problems), followed again by us.
Yeah, couldn’t help but notice that market tanked after the President held his press conference. Lots of people noticed here in Europe, too.
There are just some times in life where it’s better to not say anything at all. Today was one of them.
Treasury bonds were also a safe haven as bond prices rose to 52 week highs.
You can't eat paper ! /sarc
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