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Stocks Drop 4%, Dow Skids 500, Led by Banks
CNBC ^ | 8-10-11 | Jeeyoen Park

Posted on 08/10/2011 1:29:28 PM PDT by tcrlaf

Stocks finished near session lows in choppy trading Wednesday, with the Dow and S&P wiping out all of the previous session's gains led by financials, as investors continued to cautiously monitor developments in the European banks.

The Dow Jones Industrial Average finished down over 500 points, wiping out the previous session's 429-point rally. The blue-chip index has had triple-digit moves in four of the last five trading days.

The S&P 500 and Nasdaq also finished sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 25 percent.

(Excerpt) Read more at cnbc.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: 0officers; 0planners; 0socialists; 0teachers; barackalypsenow; bhoeconomy; bhofascism; democrats; markets; nobama2012; obama; obamadepression; obamageddon; obamanomics; stock; stockmarket; stocks
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To: tcrlaf

My bank’s stock has dropped by 30% in the last week. Nice work Obama. /s


41 posted on 08/10/2011 2:15:51 PM PDT by DoughtyOne (The Destroyer is anti-US, the West, Christian, Israel, banks, W.S., Corps, & the free enterpr systm.)
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To: DoughtyOne

I haven’t had the nerve to check on mine.......


42 posted on 08/10/2011 2:17:29 PM PDT by ohioWfan (Proud Mom of a Bronze Star winner!)
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To: Artemis Webb
How very wrong I was.

Only because his administration has been so effective in a very negative sense.

43 posted on 08/10/2011 2:23:46 PM PDT by bcsco
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To: tcrlaf
"Funny how the media can't seem to add two * twi..."

Uhhhh, fiur??

44 posted on 08/10/2011 2:24:10 PM PDT by diogenes ghost
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To: pgkdan
Is everybody enjoying their ‘Recovery Summer’?

Actually, I am! :-)

Why?

The horrendous events that have happened under Obama's watch guarantee a return to sanity in the 2012 elections. I have no doubt that there will be a clean sweep by Tea Party-endorsed candidates in November 2012. The primaries will be wrapping in less than a year and the disastrous "Recovery Summer 2011" will still be vivid in the electorate's mind. Obama and his like will be turned out of office. I can't wait for the return of Real America!

45 posted on 08/10/2011 2:25:24 PM PDT by re_nortex (DP...that's what I like about Texas.)
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To: LostInBayport

46 posted on 08/10/2011 2:26:50 PM PDT by gaijin
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To: ohioWfan

Well, good luck...


47 posted on 08/10/2011 2:31:56 PM PDT by DoughtyOne (The Destroyer is anti-US, the West, Christian, Israel, banks, W.S., Corps, & the free enterpr systm.)
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To: US Navy Vet

When whatever GOP candidate WINS the marker will go NUTS!!!!!


Got that right. Most of these companies are reporting healthy (if not record) profits. The thing that is driving them down is Obama.


48 posted on 08/10/2011 2:32:48 PM PDT by Buckeye McFrog
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To: gaijin

suddenly I have the craving for some ice cream


49 posted on 08/10/2011 2:33:56 PM PDT by Buckeye McFrog
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To: DoughtyOne
See George, look at those bank stocks! LOL I told you...


50 posted on 08/10/2011 2:35:06 PM PDT by DoughtyOne (The Destroyer is anti-US, the West, Christian, Israel, banks, W.S., Corps, & the free enterpr systm.)
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To: gaijin

A colorful photographic album highlighting a taxpayer paid four-year adventure into Never Never Land with Peter Pan who said, “If growing up means it would be beneath my dignity to climb a tree, I’ll never grow up, never grow up, never grow up! Not me!”


51 posted on 08/10/2011 2:37:48 PM PDT by Brandonmark (2012: Our Hope IS Change!)
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To: GonzoGOP
You know it is bad when 500 point drops are becoming routine. No live threads, just a blurb on the close. The PPT did a bump at the close yesterday, but they couldn't hold it. The market is in full capitulation mode.

Your post is quite frightening because it is absolutely true.

You know what else is being passed off as nothing new is the riots all over the world including Philly and Milwaukee!!!

The world is going to hell and I'm suppose to watch Glee and Lady Gaga...

52 posted on 08/10/2011 2:42:29 PM PDT by Dengar01 ("Liberalism is a Mental Disorder" - Dr. Michael Savage)
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To: gaijin

That montage would make a great television ad. Intersperse between each “partyin’ man” photo a shot of the -634 dow close, a foreclosed home, a manufacturing plant with a closed sign, a chart reading 9% unemployment, a headline about Iran boasting about nukes, a flash mob looting a store...

...then close with something like “are things in America better than they were in 2008?”


53 posted on 08/10/2011 2:48:20 PM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: DoughtyOne

Hello Doughty....I just read that the Banks in France own 350 Billion of Italy’s debt...another fear is a run on the banks....which would have an affect on the US.

This whole market is more than wobbling....S.Korean also jumped to his death after loosing much for his clients. This is getting really nasty now....how long do you think this will keep shaking?


54 posted on 08/10/2011 2:56:35 PM PDT by caww
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To: Scott from the Left Coast

As I said long ago, wait for blood in the street (literally)

I’m betting on next Summer.


55 posted on 08/10/2011 2:57:49 PM PDT by darth
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To: DoughtyOne
Thanks. And good luck to you too.

We're all in a big fat socialist mess right now, aren't we?

56 posted on 08/10/2011 2:58:53 PM PDT by ohioWfan (Proud Mom of a Bronze Star winner!)
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To: caww

First of all, I am not an expert.

My gut tells me this will continue until we get a president and congress that are willing to implement reasoned free market principles, and even then until the mortgage screw-ups by the Left have been fully eradicated.

This is going to take a while.

We have slowed down the process by interrupting the free market. We have slowed it further by moving jobs overseas. We slowed it even further by giving jobs to foreign nationals.

So far, we have done about everything possible to create, complicate, and extend the mess we are in.

Both parties contributed. Both parties are complicit in the failure to address it head on.

I am not convinced this is going to get better by November 2012, and I am not convinced we’re ready to replace Obama with someone who understands what needs to be done, well enough to effectively counter what has taken place.

Well meaning people, are fully capable of making this situation worse, and I have grave concerns regarding some of the people who are being idolized right now.


57 posted on 08/10/2011 3:06:16 PM PDT by DoughtyOne (The Destroyer is anti-US, the West, Christian, Israel, banks, W.S., Corps, & the free enterpr systm.)
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To: Dengar01

Listening to Gaga right now....and enjoying the $6 gain on the GLD etf today. I know its not REAL gold, but the money I just moved into my checking account is real money.

Even when Rome was burning, Nero could get you hot chicks.


58 posted on 08/10/2011 3:07:10 PM PDT by Vermont Lt (George Lopez is the black hole of funny. Nothing funny can escape his suck.)
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To: tcrlaf

My stocks have lost 25% of their value in the past couple of weeks. I’m just glad I didn’t put more in the market. I expect things to get better when it gets closer to Palin’s 1st term in office. (thank goodness markets are forward looking!)


59 posted on 08/10/2011 3:07:44 PM PDT by Maurice Tift (You can't stop the signal, Mal. You can never stop the signal.)
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To: ohioWfan

Yes we are. Thanks.


60 posted on 08/10/2011 3:09:00 PM PDT by DoughtyOne (The Destroyer is anti-US, the West, Christian, Israel, banks, W.S., Corps, & the free enterpr systm.)
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