Stocks tumbled Thursday after a disappointing ISM report on manufacturing piled on to worries about the economic recovery.
JPMorgan Chase & Co., DuPont Co. and American Express Co. fell at least 4.2 percent to lead all 30 stocks in the Dow Jones Industrial Average lower. Microsoft Corp. retreated 3.3 percent, the most since July, as Goldman Sachs Group Inc. removed the shares from its “conviction buy” list. Benchmark indexes for European and Asian shares dropped, while the dollar strengthened against most major trading partners. Bonds rallied, sending the 30-year yield below 4 percent for the first time since April.
The S&P 500 Index slid 2.6 percent to 1,029.85 at 4:05 p.m. in New York a day after capping its biggest back-to-back quarterly rally since 1975. The Dow sank 203 points, or 2.1 percent, to 9,509.28. Both gauges lost the most since July 2. About 18 stocks fell for each that rose on the New York Stock Exchange, the broadest sell-off since April.
(Source: CNBC / Bloomberg)
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6 Responses
oy gevalt, may we only hear simchas
So how’s that Obamanomical economic stimulus package working out for ya?
jan 20, 2012 will be a simcha.
Get your money out of the market! We’ll be retesting March lows before you know it! As long as the rally was moving along in a healthy way, there was lots of optimism. Now that the market has gotten ahead of itself, it resembles a bear market rally which comes crashing down fast! Buy faz and srs and make big money instead.
#2, exactly what do you think WOULD work after Bush/Cheney? It’s all over now, Baby Blue.
Are you talking about the SRS that was over $250 per share less than a year ago? What the pps now? Around $10, no? Wow, that is good advice people…