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Dow plunges 400 points as Europe fears return [11:15 AM ET]
Cnn Money ^ | August 10, 2011 | By Hibah Yousuf

Posted on 08/10/2011 8:11:26 AM PDT by AAABEST

NEW YORK (CNNMoney) -- U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally, as fears about Europe's ongoing debt crisis resurfaced.

The Dow Jones industrial average (INDU) dropped 325 points, or 2.9%. The index fell as much as 446 points, which exceeded the gain in Tuesday's massive advance.

[SNIP]

On Wednesday, shares of French bank Societe Generale, or SocGen, tumbled almost 20% on the Paris stock exchange amid speculation that France may be first to face a rating cut.

[SNIP]

The major indexes have been swinging between massive gains and losses during trading, and ending sessions either overwhelming higher or lower.

During the last month, stocks have lost almost 13%.

The market's yo-yo action tends to spoil confidence among investors, and in turn, that lack of faith fuels additional volatility

(Excerpt) Read more at money.cnn.com ...


TOPICS: Breaking News; Business/Economy; Foreign Affairs; Government
KEYWORDS: crash; downgrade; eurozone; stocks
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To: kcvl

Is Obama going to give a speech soon?


21 posted on 08/10/2011 8:41:08 AM PDT by hattend (And ... as always...FUJM)
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To: AAABEST

“Europe” fears.

And the Tea Party, and the Republicans, and the Japanese Tsunami, and the Middle East.

But Obama? Nahhh.


22 posted on 08/10/2011 8:43:17 AM PDT by P.O.E. (Pray for America)
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To: KansasGirl

FNC is useless; I gave up on them the last time I was back home in the States.

MWGN, that’s what I call them.

Missing White Girl Network.

Just like we all used to call the History Channel the “Hitler Channel” (I like History Channel, by the way).


23 posted on 08/10/2011 8:43:55 AM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
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To: P.O.E.

0bama is busy on his prayer rug and he has the big muzzie dinner tonight so get off his back!


24 posted on 08/10/2011 8:44:40 AM PDT by Boardwalk
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To: AAABEST

European fears??? What about the imbeciles in the White House and Treasury and the Fed?


25 posted on 08/10/2011 8:48:01 AM PDT by Scott from the Left Coast
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To: ohioWfan

Obama said we shouldn’t pay attention to the daily gyrations of the stock market. So I’m sure he is not paying attention.

Wow, down 400 points has wiped out yesterday’s gain. Of course yesterday’s gain was just a partial rebound from the 600+ point loss the day before, and the 500+ point loss last Friday.


26 posted on 08/10/2011 8:48:12 AM PDT by Dilbert San Diego
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To: The Duke
Calling the Plunge Protection Team ... please pick up at the white courtesy phone!

Sorry, man, but they're really frickin' hung over after their congratulatory party last night.

27 posted on 08/10/2011 8:50:17 AM PDT by Scott from the Left Coast
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To: Dilbert San Diego

There’s a little buying, then another leg down.

Down 459 right now. Who knows where it will close?


28 posted on 08/10/2011 8:50:31 AM PDT by Deo volente (God willing, America will survive this Obamination.)
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To: Scott from the Left Coast
The sell off was due to the threat of QE-3. Which is now a reality. They are buying back Gold and commodities in large sections.

My holdings are getting stronger in those categories. Oddly enough, I am in fairly good shape. Especially my individual Oil well stocks. They are all up 10%.

29 posted on 08/10/2011 8:53:47 AM PDT by PSYCHO-FREEP (Always Remember You're Unique.......(Just Like everyone Else.))
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To: AnAmericanAbroad

re FNC useless, yup, except for Megan Kelly and Gretta it is useless. FBN is much better, they (FBN) actually have reporters the report news instead of 24/7 talking heads that know absolutely nothing. CNBC is not bad either (prior to 5pm) if business coverage is your thing.


30 posted on 08/10/2011 8:56:03 AM PDT by jpsb
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To: AAABEST

Geitner is going to do QE3 later this year. The Euros and Obama will demand it.


31 posted on 08/10/2011 8:56:46 AM PDT by Thunder90 (Fighting for truth and the American way... http://citizensfortruthandtheamericanway.blogspot.com/)
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Home prices take another dip

Global markets getting hammered

Sarkozy abandons holiday as downgrade fears rock France

Gold hits record highs yet again


32 posted on 08/10/2011 8:56:46 AM PDT by AAABEST (Et lux in tenebris lucet: et tenebrae eam non comprehenderunt)
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To: AAABEST
But...but...but, the Fed guaranteed and Sham Wowed low interest rates until after the 2012 election. Where is today's dead cat bounce? The unemployed will be going right out getting new credit cards to charge on and buying new homes to live in. US debt increases exponentially and the dollar is dropping. Happy days are here again! Woo Hoo!/s
33 posted on 08/10/2011 8:57:41 AM PDT by 444Flyer
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To: Deo volente
U.S. stocks fell sharply in early trading Wednesday, following the previous session's huge rally.....

Not to be too much of a cynic, but I gotta ask exactly how much my great-grandkids are going to have to pay for that "huge rally".

GRRRRRRRRR

34 posted on 08/10/2011 8:58:36 AM PDT by Unrepentant VN Vet ((528 and a wakeup) Truth, I know, always resides wherever brave men still have ammunition.)
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To: ilovesarah2012

There will be up days when some people will get back in - possibly covering shorts. Because yesterday the market was up, today some folks who procrastinated about getting out dumped their stock because they know the market is going to go down and thought they saw a chance. But that didn’t last long. People are starting to run for the exits. I think that there have been people/groups propping us up for a while because the high market valuation just doesn’t make sense. They are pulling out the rug now. Just part of the attack against our way of life.


35 posted on 08/10/2011 8:59:47 AM PDT by Bookwoman ("...and I am unanimous in this...")
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To: ilovesarah2012

The ups and downs are making my head spin! What is so different between yesterday and today?
///
in between the two, was the European stock market.
and there are rumors that the LARGEST french bank could go under, mainly because of their loans to Greece.
their stock just went down about 17%.

so this would have some effect on the USA markets today.


36 posted on 08/10/2011 9:03:17 AM PDT by Elendur (It is incumbent on every generation to pay its own debts as it goes. - Thomas Jefferson)
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To: KansasGirl

On FOX, this stock market thing is ‘so last week.’


37 posted on 08/10/2011 9:04:30 AM PDT by wesbed
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To: Deo volente

Up 700 points.


38 posted on 08/10/2011 9:05:02 AM PDT by AceMineral (Some people are too stupid for their own good.)
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To: PSYCHO-FREEP

I totally missed this one, so I am riding it out. I did pretty good in 2008 - got out early in the downslide and got in just as it started back up.


39 posted on 08/10/2011 9:05:24 AM PDT by 5thGenTexan
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To: hattend

Only if Barry desires that it tank even futher and faster.


40 posted on 08/10/2011 9:06:20 AM PDT by FourPeas ("Maladjusted and wigging out is no way to go through life, son." -hg)
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