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Economy
See other Economy Articles

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: 52362
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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Begin Trace Mode for Comment # 57.

#2. To: hondo68, *Tea Party On Parade* (#0)

The Tea Party inspired recession may indeed be at hand...

Stay tuned!

Brian S  posted on  2011-08-02   20:11:05 ET  Reply   Untrace   Trace   Private Reply  


#3. To: Brian S (#2)

The Tea Party inspired recession

Get a grip, Bush/Obama/Boehner/Reid ain't in the Tea Party!

Hondo68  posted on  2011-08-02   20:14:59 ET  Reply   Untrace   Trace   Private Reply  


#6. To: hondo68 (#3)

The Tea Party inspired recession

"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'.

;)

Brian S  posted on  2011-08-02   20:43:09 ET  Reply   Untrace   Trace   Private Reply  


#15. To: Brian S (#6)

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.

no gnu taxes  posted on  2011-08-03   10:30:51 ET  Reply   Untrace   Trace   Private Reply  


#18. To: no gnu taxes (#15)

Businesses aren't going to risk shit as long as he is in Office.

Businesses are doing just fine, dickhead. They're just not hiring people in this country.

Skip Intro  posted on  2011-08-03   15:07:29 ET  Reply   Untrace   Trace   Private Reply  


#20. To: Skip Intro (#18)

They're just not hiring people in this country.

That's the problem, dickhead, and they won't while the current asshole is still President. It's not worth the risk.

no gnu taxes  posted on  2011-08-03   15:14:32 ET  Reply   Untrace   Trace   Private Reply  


#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.

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.

mininggold  posted on  2011-08-03   15:18:31 ET  Reply   Untrace   Trace   Private Reply  


#52. 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.

You know I've never figured out why people think that if we get rid of the unions the average working guy will be making "Chinese wages"......

Union workers only make up about 11-12% of the current workforce, it used to be close to 20%..... Now if the unions were so damn good why aren't more people clamoring to become union???? In fact it's just exactly the opposite, that's one of the reasons why union membership is dropping (along with lack of brotherhood)...... If you know your job and can market yourself you can make more money than a union employee.... Along with better benefits and none of the baggage.... dues and union organizers!!!!!

Now if you really look at some of the jobs that are unionized, they can be accomplished by people with minimal skills.....hence not requiring high wages to accomplish!!!!! If this country made it mandatory to work to get a Welfare check, they could be doing what the "average" union person does, do it just as well and for a whole lot less money..... and you wonder why people want to bust the unions.... duuhhh..

CZ82  posted on  2011-08-03   16:54:47 ET  Reply   Untrace   Trace   Private Reply  


#57. To: CZ82 (#52)

You belong to a union don't you.

lucysmom  posted on  2011-08-03   20:32:24 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 57.

#58. To: lucysmom (#57)

You belong to a union don't you.

Since 1999..... when I started my second career.....

CZ82  posted on  2011-08-03 20:39:24 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 57.

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