Dow takes giant shit

Discussion in 'Stock Market' started by Nova78, Mar 6, 2012.

  1. Nova78
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    Nova78 Silver Member

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    Biggest drop of year for Dow as US market slumps | Comcast

    Stocks suffered their biggest losses of the year Tuesday as a sell-off spread west from Europe ahead of a critical deadline in the Greek debt crisis. The Dow Jones industrial average fell more than 200 points.

    The Dow has not closed down more than 100 points this year, and its biggest one-day decline had been 159 points, on Jan. 13. It fell sharply from the opening bell Tuesday and was down as much as 208.

    Just before 1 p.m. EST, the Dow was down 199 points, or 1.5 percent, at 12,763. The Standard & Poor's 500 index was down 20 points at 1,344, and the Nasdaq composite index was down 43 points at 2,908.

    Stocks fell more than 3 percent in Germany, Spain and France, and 1.9 percent in Britain. Thursday is the deadline for private investors to sign up to swap their Greek government bonds for replacements with a lower face value and interest rate.

    Expect more of this as the European market takes a crap ,Greece has already had a second bailout ....
     
  2. KissMy
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    KissMy Free Breast Exam

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    I don't believe this downturn has as much to do with Greece as it has to do with the steep slowdown in China & Brazil.
     
  3. Dante
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    Dante On leave Supporting Member

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    Oil prices slipped $1.56 to $105.16 per barrel on the New York Mercantile Exchange.


    yeah baby!
     
  4. FuelRod
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    FuelRod Gold Member

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    Maybe the Dow should lay off the grains for a little while.
     
  5. KissMy
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    KissMy Free Breast Exam

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    A major global slowdown will do that to oil.
     
  6. iamwhatiseem
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    iamwhatiseem Gold Member

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    Sources are telling me that we will likely see a total of about a 5% sell off by weeks end. If so that would put the markets around 12,350.
    Basically...the markets are having a hard time continuing to ignore the Greek issue and the high odds of a deeper recession in Europe. The American markets have been magically ignoring Europe/Greece since day one. It is bound to take effect at some point whether this week or later.
     
  7. iamwhatiseem
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    iamwhatiseem Gold Member

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    I don't think we have seen that yet. As with Greece/Europe...the markets have had their heads buried in the sand and continuing the bubble building mentality that is making a lot of people wealthy.
    And like in 2008...when all these investors think "well this is finally the time" - we will see a significant collapse as everyone tries to pull out early.
     

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