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Title: US STOCKS-Massive rout spells trouble for Wall Street
Source:
Reuters
URL Source: http://www.reuters.com/article/2011 ... s-stocks-idUSN1E7711SW20110802
Published: Aug 2, 2011
Author: Edward Krudy
Post Date: 2011-08-02 19:51:18 by Hondo68
Keywords: manufacturing stalled in July, consumer spending fell unexpec, selloff accelerated into the c
Views: 48743
Comments: 66
* S&P 500 turns negative for year * S&P closes below 200-day moving average * Global growth fears weigh on stocks * Dow off 2.2 pct, S&P off 2.6 pct, Nasdaq 2.8 pct * For up-to-the-minute market news see [STXNEWS/US] (Updates to close) NEW YORK, Aug 2 (Reuters) - The S&P 500 turned negative for the year on Tuesday as the wrangling over the U.S. debt ceiling faded and investors turned their attention to the stalling economy. The broad-based index fell for a seventh day and crashed through the key 200-day moving average in an ominous sign for markets. The seven days of losses mark the longest losing streak since October 2008. "It is going to be a long week," said Jim Maguire Jr., a NYSE floor trader at E.H. Smith Jacobs. "The bid is not here in the market." The selloff accelerated into the close as volume jumped well above average. The fall was broad-based, with four stocks falling for every one rising on the New York Stock Exchange. The index also broke through its 2-1/2 year uptrend line from its bear market low in March 2009. Thursday was the index's worst day in a year. For a graphic on the S&P 500 see, graphic r.reuters.com/dug92s. Investors seemed to find little to cheer after the U.S. Senate agreed to a deal to raise the debt ceiling because of the possibility it will not stave off a downgrade of the U.S. government's triple-A rating. "Investors have made the shift from Washington to what I'm calling economic realities," said Fred Dickson, chief market strategist at The Davidson Cos. in Lake Oswego, Oregon. Composite volume on the NYSE, the Amex and the Nasdaq reached 9.5 billion shares, well above this year's daily average of around 7.5 billion. The Dow Jones industrial average .DJI dropped 265.87 points, or 2.19 percent, to 11,866.62. The Standard & Poor's 500 Index .SPX dropped 32.89 points, or 2.56 percent, to 1,254.05. The Nasdaq Composite Index .IXIC dropped 75.37 points, or 2.75 percent, to 2,669.24. Shortly after the vote, Fitch Ratings said the agreement to raise the U.S. borrowing capacity means the risk of a sovereign default is "extremely low" and commensurate with a AAA rating. But it warned Washington must reduce its debt or face a downgrade. For details, see [ID:nN1E77114G] Industrial and consumer discretionary shares were among hardest hit, with the S&P industrial and discretionary indexes .GSPI .GSPD down more than 3 percent. A government report showed U.S. consumer spending fell unexpectedly in June for the first decline in nearly two years as incomes barely rose. [ID:nN1E7710A7] On Monday a survey on U.S. factory activity suggested manufacturing stalled in July. The survey followed similarly weak reports from Asia and Europe and came after U.S. growth calculations were sharply cut for the first half of the year. The government's key monthly jobs report for July is due on Friday and will be closely watched by investors. European debt problems returned to the forefront after French bank BNP Paribas SA (BNPP.PA) took a $768.3 million write-down linked to Greece's debt woes. European shares hit their lowest close in 11 months, with selling concentrated on Spain's IBEX .IBEX and Italy's FTSE MIB .FTMIB, which hit a 27-month low. Drug company Pfizer Inc (PFE.N) reported a second-quarter profit that beat expectations by a penny and affirmed its full-year profit view. Shares of the Dow component fell 4.6 percent to $18.14.
Poster Comment: The hObama Boehner debt deal crashed the market.
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#1. To: hondo68 (#0)
Exactly. They shuck hands and think the world s better off because of atta-boyz. Most folks know they are the elected leaders of the once GREAT USA. But, because of the two month tug-o-war over a 400 Bn budget they have driven America into obscurity in front of the world's eyes. No one in the US government addressed the SERIOUS issues confronting the common citizenry with one singular exception, Ron Paul.
The Tea Party inspired recession may indeed be at hand... Stay tuned!
Never swear "allegiance" to anything other than the 'right to change your mind'!
Get a grip, Bush/Obama/Boehner/Reid ain't in the Tea Party!
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
* S&P 500 turns negative for year
Gold is way up too, around $1643,
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
"They" caused this with their silly debt ceiling gimmick. No, the USA may very well pay dearly for years over their childish stunts if the President and his team can't 'right this ship'. ;)
Never swear "allegiance" to anything other than the 'right to change your mind'!
Yea, thanks, hondo ... I saw that. The silver mining sector far exceed the gold mining sector today by 50%. Mining - Gold Sector 39.71 +3.22 (+8.82%)
;) I know, when I think of "leaders" and "grown-ups", team Obama surely comes to mind. Yep - if he and his "team" can only get those damn corporate jet owners to pony up, all will be well and good. Perhaps he'll find some time to work on it at the 19th hole, between tee-times. Geez, I don't know who the bigger WH suck-up is - you or war. Tell you what - go ahead and display your obama pin-up, and I'll declare you the winner.
An equity is where the Marxists take over the mine, and you're left with a poor quality piece of toilet paper?
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
But look what one can sell the "poor quality piece of toilet paper" for when it is a "silver mine" ... WOW! "Bon Ton Roulet" ...
New ping list. Y'all sign up now, ya hear!
Never swear "allegiance" to anything other than the 'right to change your mind'!
It's hard to negotiate when the true leaders of the GOP refuse to reveal themselves. Some can say that Obama "lost" in this debate and, to a point, they are correct. I'd observe that the reason he did lose is because the "leaders" with whom Obama was negotiating with - Boehner and Cantor - really had no morre than minimal influence over their caucus. One piece of advice that Suz Tzu gave that is often ignored in politics is that sometimes you have to wait the enemy out: Sometimes "waiting them out" is giving them what they want. Politics used to be that of subtleties and thus, the sustent of our republic, compromise, was always sated. Politics has now turned into ANNIHILATION and our republic is in peril.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Is this going to be your every "rebuttal"..."YOU LOVE OBAMA...BLAH BLAH BLAH?" If it is...please don't bother responding...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Already is...my guess is late 2Q...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
The asshole Kenyan and his failed policies are the cause of the problem.. Businesses aren't going to risk shit as long as he is in Office.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
Fair enough, Mr. Pin-up. So convince me - other than whining about "corporate jets" and "bush tax cuts" (which he himself singned onto and, if they could be magic wanded away right now would be like pouing a bucket into the ocean) . . . WHAT HAS OBAMA DONE? (ball's in your court, bro . . . )
Compromise himself closer to failure... The Stim wasn't big enough...HCR needed to have a public option...the Bush Tax cuts should have died...and this latest go round was just stupid...he was willing to abandon his base to placate 15-20% of 35%. He should have demanded a clean debt ceiling bill and then shut off his phone.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
Businesses are doing just fine, dickhead. They're just not hiring people in this country.
They're perfectly willing to destroy the country if it will get the black guy out of the White House.
That's the problem, dickhead, and they won't while the current asshole is still President. It's not worth the risk.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
No, shit for brains, they won't as long as they can get away hiring people for $5 a day elsewhere. Maybe you'll get your wish and the Teabaggers will get wages here lowered to $5 a day too. You and jwpegler would be in orgasm city if that happened.
They're waiting until the Tea Party inspired union busting is completed and they can pay the working stiff's of this country Chinese wages.
When are we going to fire all those deadbeat airline pilots and air traffic controllers? Miserable union freeloaders. I hope the Teabaggers give them what they've got comming, but good! Surely there are plenty of third world, semi trained replacements just waiting for a chance to work for 10% of the current wage of the union parasites.
Miserable union freeloaders. I hope the Teabaggers give them what they've got comming, but good! We've got to keep those as the VIPs of this country need a way to indulge in their favorite means of transportation until they figure out another way. Everyone else is fair game though. After all the rich are much too important to have to monetarily share in the costs of other systems that also cater to the 'riff raff' of this nation.
No shit for brains, they are not going to take on payroll while being saddled with harebrained schemes like Kenyancare and cap and trade. Ask people like Steve Wynn.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
Yes, government employees retiring at age 45 and making $100,000 a year for the rest of their lives on the back of taxpayers is such a great help to the economy.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
Ask people like Steve Wynn. Cap and Trade was a Republican brainstorm originally implemented by Reagan. Steve Wynn primarily creates low paying essentially menial jobs that only illegals will apply for.
Now you are truly showing your ignorance. Do you always exaggerate this much?
Don't hold your breath waiting for something logical to come back to you...
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
Why he's taken the US down the socialist road, of course.
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
It used to be the leftists that had bumper-stickers that said things like "Question Authority.' Today they follow slogans from 1984: War is peace. They blindly LOVE Big Brother. They believe competition, pride & profiting from ones labor, are evil things to be banished. Stephen King observed, "The beauty of religion mania is that it has the power to explain everything... [so] logic can be happily tossed out the window. This describes socialists. They will ignore logic and "common sense." They will ignore REALITY. Because THEY are religious zealots... THEIR God... is the STATE.
I'm not going to get into who liked that policy. The situation was 100% different in that time, though. You can actually run your business and control pollutants like NOX, SO2, CO, etc. simply by installing control technology, which might be economically feasible given given the allowed emission credits. You essentially can't control CO2 without handicapping your business and destroying production, if your business in any way is dependent on combustion.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
Heh Aspy you should have that retiree figure right on the tip of your tongue. How many..... one?
WHAT HAS OBAMA DONE? Compromise himself closer to failure... Wait a sec. . . the other day, you said compromise was a good thing Now that you believe messiah is compromising, you think it will lead to failure? Which is it?
No, you are showing yours. Ridiculously generous government pensions propelled by government unions and other special interests are what is destroying many local and state governments.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
I asked you nicely to drop the Obama is my God bullshit.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." "THE MILITIA IS COMING!!! THE MILITIA IS COMING!!!" I lurk to see if someone other than Myst or Pookie posts anything...
I'm getting into....... WHO CREATED THAT POLICY.
That guy would perform any amount of contortions to support his fantasy man. His tag line is like a gay pin up poster.
Obama has played at being a president while enjoying the perks … golf, insanely expensive vacations at tax-payer expense. He has ignored the responsibilities of the job; no plans, no budgets, no alternatives … just finger pointing; making him a complete failure as a president
Show me one example of your 100,000 @ 45 retirement statement, please.
(ball's in your court, bro . . . ) Don't hold your breath waiting for something logical to come back to you... No, it's like pulling teeth. He did finally admit Zero did something - "compromise himself to failure" were his exact words, I believe. We're making progress.
Comments (41 - 66) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestThe hObama Boehner debt deal crashed the market.
#2. To: hondo68, *Tea Party On Parade* (#0)
#3. To: Brian S (#2)
The Tea Party inspired recession
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#4. To: ALL (#0)
(Edited)
* S&P closes below 200-day moving average
* Global growth fears weigh on stocks
* Dow off 2.2 pct, S&P off 2.6 pct, Nasdaq 2.8 pct
* Mining - Silver Sector (Stocks) 86.67 +9.49 (+12.30%) [source]
#5. To: Gatlin (#4)
* Mining - Silver Sector (Stocks) 86.67 +9.49 (+12.30%)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#6. To: hondo68 (#3)
The Tea Party inspired recession
#7. To: hondo68 (#5)
(Edited)
Gold is way up too, around $1643,
http://www.barchart.com/stocks/sectors/-MIGL?sym=AUQ
#8. To: Brian S, war (#6)
No, the USA may very well pay dearly for years over their childish stunts if the President and his team can't 'right this ship'.
#9. To: Gatlin, Capitalist Eric, jwpegler (#7)
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#10. To: hondo68 (#9)
An equity is where the Marxists take over the mine, and you're left with a poor quality piece of toilet paper?
#11. To: Get Outta Dodge!, ALL, *TeaPartyEnomics on Parade* (#8)
#12. To: Brian S (#6)
No, the USA may very well pay dearly for years over their childish stunts if the President and his team can't 'right this ship'.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#13. To: Get Outta Dodge! (#8)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#14. To: Brian S (#2)
The Tea Party inspired recession may indeed be at hand...
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#15. To: Brian S (#6)
#16. To: war (#13)
Is this going to be your every "rebuttal"..."YOU LOVE OBAMA...BLAH BLAH BLAH?"
#17. To: Get Outta Dodge! (#16)
WHAT HAS OBAMA DONE?
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#18. To: no gnu taxes (#15)
Businesses aren't going to risk shit as long as he is in Office.
#19. To: Brian S (#2)
The Tea Party inspired recession may indeed be at hand...
#20. To: Skip Intro (#18)
They're just not hiring people in this country.
#21. To: no gnu taxes (#20)
That's the problem, dickhead, and they won't while the current asshole is still President. It's not worth the risk.
#22. To: no gnu taxes (#20)
That's the problem, dickhead, and they won't while the current asshole is still President. It's not worth the risk.
#23. To: mininggold (#22)
They're waiting until the Tea Party inspired union busting is completed and they can pay the working stiff's of this country Chinese wages.
#24. To: Skip Intro (#23)
When are we going to fire all those deadbeat airline pilots and air traffic controllers?
#25. To: Skip Intro (#21)
#26. To: mininggold (#22)
#27. To: no gnu taxes (#25)
(Edited)
No shit for brains, they are not going to take on payroll while being saddled with harebrained schemes like Kenyancare and cap and trade.
#28. To: no gnu taxes (#26)
Yes, government employees retiring at age 45 and making $100,000 a year for the rest of their lives on the back of taxpayers is such a great help to the economy.
#29. To: Get Outta Dodge! (#16)
(ball's in your court, bro . . . )
Freedom is slavery.
Ignorance is strength.
#30. To: Get Outta Dodge! (#16)
WHAT HAS OBAMA DONE?
#31. To: mininggold, no gnu taxes (#28)
Now you are truly showing your ignorance.
Freedom is slavery.
Ignorance is strength.
#32. To: mininggold (#27)
Cap and Trade
#33. To: Capitalist Eric (#31)
Now you are truly showing your ignorance.
#34. To: war (#17)
#35. To: mininggold (#28)
Now you are truly showing your ignorance.
#36. To: Get Outta Dodge! (#34)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#37. To: no gnu taxes (#32)
I'm not going to get into who liked that policy.
#38. To: Get Outta Dodge! (#34)
#39. To: no gnu taxes (#35)
(Edited)
No, you are showing yours. Ridiculously generous government pensions propelled by government unions and other special interests are what is destroying many local and state governments.
#40. To: Capitalist Eric (#29)
.
.
.
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