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Title: Stocks slide on renewed fears of global slowdown
Source:
Yahoo News
URL Source: http://finance.yahoo.com/news/Stock ... -fears-apf-3481581188.html?x=0
Published: Jun 29, 2010
Author: Stephen Bernard and Tim Paradis, AP
Post Date: 2010-06-29 11:22:40 by Badeye
Keywords: None
Views: 596
Comments: 14
Stocks slide on renewed fears of global slowdown Stocks and interest rates tumble on fears that recovery will fade; Consumer confidence slumps Stephen Bernard and Tim Paradis, AP Business Writers, On Tuesday June 29, 2010, 10:35 am NEW YORK (AP) -- Stocks and interest rates tumbled Tuesday after signs of a slowing global economy spooked traders. The Dow Jones industrial average fell more than 240 points in morning trading to fall below 10,000 for the first time since June 10. The Dow and other major indexes each lost more than 2 percent. Stocks began the day by following Asian and European markets lower. Asian exchanges fell after economic figures in Japan signaled that the nation's recovery has slowed. And then European indexes fell sharply after Greek workers walked off the job to protest steep budget cuts. Then, shortly after U.S. trading began, the market was hit with news that consumer confidence fell sharply this month because of worries about jobs and the overall economy. The Conference Board's Consumer Confidence Index fell nearly 10 points to 52.9, down from a revised 62.7 in May. Economists polled by Thomson Reuters had forecast only a modest drop. The index needs to climb above 90 to indicate the economy is on solid footing. Interest rates fell in the bond market with investors seeking the safety of Treasurys. The yield on the 10-year note dropped to as low as 2.97 percent, the first time it has fallen below 3 percent since April 2009. The yield, which is used as a benchmark for many consumer loans and mortgages, bounced off its low and edged up to 2.98 percent. Falling yields are a sign that investors are willing to give up potential gains in stocks for more certain, but smaller profits in bonds. Companies have indicated things are getting better, yet there are few signs they are ready to hire in big numbers. The Labor Department's monthly employment report due Friday is expected to show the unemployment rate rose 0.1 percent to 9.8 percent in June. In midmorning trading, the Dow fell 241.76, or 2.4 percent, to 9,897.21. The Standard & Poor's 500 index fell 27.45, or 2.6 percent, to 1,047.12, while the Nasdaq composite index fell 68.34, or 3.1 percent, to 2,152.31. A report that showed home prices rose in April did little to boost trading. The S&P/Case-Shiller home price index 20-city home price index rose 0.8 percent between March and April. The gains, though, are likely being written off because April was the final month when buyers could receive a tax credit. Nearly all housing indicators got a boost in April from the credit, but have since shown a slowdown in the market. Worries about Europe are again rattling the market. The euro, the common currency used by 16 European nations, fell to $1.2156. The currency has been seen as a proxy for confidence in Europe's economy following Greece's near bankruptcy and steep budget cuts around the continent to combat rising deficits. World markets have regularly dropped along with the euro in recent months. Greek workers walked off their jobs as part of another nationwide strike to protest the austerity measures the government put in place to try and reduce debt. The austerity measures were a requirement for Greece to receive a bailout from other European Union members and the International Monetary Fund. The new round of protests sparks fresh concerns about how well European countries will be able to stick to austerity plans in the face of public outcry against them. Investors have been worried for months that Europe's economy would slow and drag down the global economy with it. The Japanese government reported Tuesday that export demand moderated and household spending dropped last month. Unemployment also rose unexpectedly, climbing for the third straight month. Chinese shares tumbled as investors worried that an initial public offering for the Agricultural Bank of China would draw money away from other stocks. About 2,665 stocks fell while only about 200 rose at the New York Stock Exchange, where volume came to 274 million shares, compared with 179 million shares traded at the same point Monday. The Russell 2000 index of smaller companies fell 19.96, or 3.1 percent, to 621.58. The Shanghai composite index fell 4.3 percent to a 14-month low, while Japan's Nikkei stock average fell 1.3 percent. Britain's FTSE 100 fell 3.1 percent, Germany's DAX index dropped 3.3 percent, and France's CAC-40 fell 3.8 percent
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#1. To: All (#0)
Anyone think Owe-bama's insane insistence the rest of the world follow his lead into Deficit HELL might have something to do with this?
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
No. How can an incompetent like Obama control what happens in other countries? Is Greece his fault? It's a world wide problem that started long before Obama came along. It just might turn out that Paul Krugman was right, and the world is heading for it's third major depression. If he's right, you can kiss your business goodbye, because unemployment is going way up and is going to stay there for a long time.
How can an incompetent like Obama control what happens in other countries? Is Greece his fault? When you get around to reading his comments, then we can discuss this. Til then, its a waste of time.
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
There are a lot of dynamics at play in the market. Setting aside the EU for the moment, 6/30 is a major date in the financial world with funds squaring up to their models so activity is going to whipsaw a bit. I cover Money Funds, predominantly, they're WAM's are pegged so I'm only getting overnight business. Getting back to the EU, they have a HUGE funding program expiring tomorrow which requires a replayment of ~550blnEU and there is rampant speculation as to whether or not it will be renewed and if it is renewed at what cost and for how long. The consensus is that it will be for a few months and about 200blnEU. IF it comes in considerably higher...which I believe it will...look out...we're talking solvency issues not liquidity issues. Euro is put under pressure...their stock markets hiccup and forget about any EU nation issuing bonds... Stay Tuned.
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply
Down over 250 points and still falling as I type this.
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
what do you think of this: http://www.cnbc.com/id/37970561
The rest of the world and investors here appear underwhelmed by your Perot impersionation today....as am I.
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
Badeye, it's hard to continually embarrass yourself with one stupid post after another, but you manage to pull it off.
And the personal attacks only indicate the growing realization that you backed a one term failure, of epic proportions, GO65.
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
What were you saying about personal attacks..Kookie?
Making the world safe for United Fruit.
What I've been saying for 5 years...you can't starve the market of credit in the name of inflation fighting when there is no inflation. It causes the market to create "synthetic" money through debt and derivative offerings all leveraged against the value of a bag of black jelly beans. Of COURSE they have to print money to cover this...
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply
Reread til sinks in, kookie.
News Update: Owe-bama ordered eggs and toast for breakfast. ABC/NBC/CBS/MSNBC/CNN all agree the decision to avoid bagels was 'Brilliant!' (eyes rolling)
ROFLMAO... If you eliminated personal attacks from your posting you'd have even more time on your hands...
#67. To: war (#48) Keep hiding behind the bozo, bozo. (laughing) You've always been a world class pussy. Badeye posted on 2010-01-14 16:12:48 ET Reply Trace I'm biased, obviously, given the shit I'm subjected to daily here from the anti groupie. Badeye posted on 2010-06-10 11:34:31 ET Reply Trace Private Reply
#2. To: Badeye (#1)
Anyone think Owe-bama's insane insistence the rest of the world follow his lead into Deficit HELL might have something to do with this?
#3. To: Skip Intro (#2)
No.
#4. To: Skip Intro (#2)
(Edited)
#5. To: All (#0)
#6. To: Badeye (#1)
Anyone think Owe-bama's insane insistence the rest of the world follow his lead into Deficit HELL might have something to do with this?
Being a Republicans means you get to choose your own reality
#7. To: war (#4)
etting back to the EU, they have a HUGE funding program expiring tomorrow which requires a replayment of ~550blnEU and there is rampant speculation as to whether or not it will be renewed and if it is renewed at what cost and for how long. The consensus is that it will be for a few months and about 200blnEU. IF it comes in considerably higher...which I believe it will...look out...we're talking solvency issues not liquidity issues. Euro is put under pressure...their stock markets hiccup and forget about any EU nation issuing bonds..
Being a Republicans means you get to choose your own reality
#8. To: go65 (#6)
#9. To: Badeye (#8)
The rest of the world and investors here appear underwhelmed by your Perot impersionation today....as am I.
Being a Republicans means you get to choose your own reality
#10. To: go65 (#9)
#11. To: Badeye (#10)
And the personal attacks only indicate the growing realization that you backed a one term failure, of epic proportions, GO65.
#12. To: go65 (#7)
#13. To: mininggold (#11)
And the personal attacks only indicate the growing realization that you backed a one term failure, of epic proportions, GO65
#14. To: Badeye (#10)
And the personal attacks only indicate the growing realization that you backed a one term failure, of epic proportions, GO65.
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