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Posted on 08/08/2011 4:34:00 PM PDT by Jean S
Investors spooked by both the downgrade of the U.S. debt late Friday and the direction of the economy continued to sell stocks Monday, sending market indexes down 5% to 6%.
The Dow Jones industrial average fell by more than 600 points, dropping below 11,000 for the first time since November. The Dow fell more than 633 points, to 10,810.83. The Standard & Poor's 500 index was off 6.66%, closing at 1,119.46, and the Nasdaq Composite index fell by 6.9%, closing down nearly 175 points at 2,357.69.
Another down day on Wall Street followed declines in overseas markets earlier in the day, in the wake of the decision late Friday by Standard & Poor's to downgrade its rating on U.S. debt to AA+ from AAA.
"It's more than just the S&P downgrade," said Bruce Bittles, chief investment strategist at Robert W. Baird & Co. "The S&P downgrade is a symptom of a much larger problem, the overall debt in the economy is just overwhelming any prospects for growth."
When the day was over, the stock prices of 60 of 66 Wisconsin-based public companies were down, as tracked by the Bloomberg Wisconsin Index. Feeling the most pain: MGIC Investment Corp., off 38%; Energy Composites Corp., down 29%; Manitowoc Co., down 17%; Twin Disc Inc., off 14%; and Associated Banc-Corp., down 11%.
President Barack Obama made a pitch for Congress to extend the payroll tax and unemployment benefits as soon as Congress returns from its recess.
(Excerpt) Read more at jsonline.com ...
Looks like it is back to 200-1/2(k) again. I wish I could hang on to gains for more than a few years running.
Ron Reagan, America needs you!
The DOW is back to about the same as it was in 2000.
One grows tired of the cant. The country really does have a debt problem and calling investors "irrational" for not wanting to be under the hurtling piano when it hits the street is an exercise in futility. It's too late for the catcher's mitt. It isn't, but soon will be, too late to dodge.
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Nothing will improve until we get a new president and more conservatives in congress. The best we can hope for is to keep this kenyan doofus-in-chief from doing any more damage.
The S&P 500’s low was 666 in March of 2009 and today it was down 6.66% - something erie about that
Its kind of tough keeping him from doing more damage though when everything he does or does not do is damage!
Hurry up, November 2012. This is like trying to outrun a priarie fire when the river is over a mile away.
mikey moore-on wants the head of S&P arrested:
http://www.freerepublic.com/focus/f-news/2760627/posts
The only ones that saw this coming are the ones that can balance their own checkbook and have to put something into it from their labor to do it
Buying treasuries is like jumping from the Titanic to the Lusitania. The government has no money folks. Gold, as expensive as it is now, is still a better choice. As long The Usurping Marxist Onada continues his economy killing policies precious metals and other “commodities” (things with intrinsic value) will gain in value. Those things will be tradeable in the event of a total economic collapse. Even real estate is a good buy right now. The risk there is if we do not eject Onada from the WH and his cronies from the House and Senate.
You could see this down turn coming when the battle over the debt limited started. The Rats wanted the market to crash and the rating down grade so that they could blame it on the GOP. They are happy with the result and the MSM is running with their story.
One great thing about a 401k is that you can sell when the market peaks and you see these events coming..and not pay any tax on your profits. I sold all my stock about 10 days ago.
I think we still have a ways to go down..just look at the Dow and SP chart for the last month..accelerating down.
You could see this down turn coming when the battle over the debt limited started. The Rats wanted the market to crash and the rating down grade so that they could blame it on the GOP. They are happy with the result and the MSM is running with their story.
One great thing about a 401k is that you can sell when the market peaks and you see these events coming..and not pay any tax on your profits. I sold all my stock about 10 days ago.
I think we still have a ways to go down..just look at the Dow and SP chart for the last month..accelerating down.
The big guys think that the market is going down so fast they are willing to loose some money in Treasuries to avoid a bigger loss staying in stocks or cash. Clear signal that things are getting worse for stocks.
http://www.freerepublic.com/focus/f-news/2760708/posts
Rick Santelli Goes Off: “We’d Be BBB Without Tea Party!” (Video)
Gateway Pundit ^ | August 8,2011 | Jim Hoft
Posted on Monday, August 08, 2011 5:03:44 PM by Hojczyk
From the Video: Rick Santelli reacts to President Obama’s blame game when it comes to the downgrade of the United States of America’s credit rating. Santelli says that if it wasn’t for the tea party movement, America’s credit would have been downgraded to BBB.
He also responds to the argument that we have a revenue problem by comparing it to if his wife spending 30% more money then telling him to get 2 more jobs. Hat Tip Ed
http://www.youtube.com/watch?v=XifNbkwJUz0&feature=player_embedded
Amen. I dumped mine a few months ago.
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