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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: 48972
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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#26. To: mininggold (#22)
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.
The EPA began the concept in 1972. But thank you for proving my point that THAT cap and trade has nothing to do with the idea of expanding the concept to CO2 by refusing to address the real issue.
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
Okay, Mr. Pin up Now that you believe Which is it?
LOL. This, from the moron who has the following pic on this tagline: HYPOCRITE.
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.
http://townhall.com/columnists/davidspady/2011/05/08/$200,000_lifeguards_to_receive_millions_in_retirement Ok age 50 in this example
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
But thank you for proving my point that THAT cap and trade has nothing to do with the idea of expanding the concept to CO2 by refusing to address the real issue. I know you try to distract when caught in a lie so I didn't fall for your ploy. Thanks ....but the topic was and still is the origins of Cap and Trade. I knew it was created under the Nixon, but first implemented under Reagan. He considered it a sucess.
WHAT HAS OBAMA DONE? Why he's There must be ice-skating in Hell. LM actually made a correct statement (with a minor adjustment, of course.)
Show me where Reagan or Nixon ever advocated cap and trade for CO2?
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
He did finally admit Zero did something - "compromise himself to failure" were his exact words, I believe. We're making progress. Well, the pic in his sig is the ONLY thing that oBOMBa accomplished... Oh, that's right, HE didn't accomplish it... he just took the credit for it... Sorry, my mistake... he hasn't accomplished anything [except intentionally sinking the USA, for his masters].
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 didn't state that they ever did. But THEY opened the can of worms to save their energy buddies.
That's the whole issue idiot, as I have already explained. It made good business and environmental sense to use an emissions trading policy for pollutants that could be controlled by add on devices, and was viewed as a win-win policy by many. What kind of add on device are you going to use for CO2? This is nothing more than extortion.
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
Pssst, war. Some friendly advice here, man. Nobody - repeat, NOBODY - (except maybe your statist buds) is going to take anything you post seriously until you lose the pic. Hell, there's a lot of other things you can use to illustrate your admiration for all things statist. Obama's a loser - the only card he's got left to play is to create a diversion which will cancel the 2012 elections. (I don't put this past him, BTW) Other than that, he's toast.
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..
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
But continually referring to someone as "Messiah ZERO" and commenting on a tagline is engaging in a higher level discussion... Say "Good Night, GOD..." I'll let you and Erica stroke each other off for awhile...you two seem to be getting along fabulously...
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...
Change your mind?
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...
Yea.... I responded to something about 1/2 way thru the thread. After i posted it I finished reading the rest of the thread and noticed someone already posted what I said so I went back and erased it.....
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
You belong to a union don't you.
"...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
Since 1999..... when I started my second career.....
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
I do not now, nor have I ever belonged to a union - no pension plans or union health insurance for me. Guess that makes me more independent and freer than you.
"...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
I could have gotten a job w/a non-union company but would have had to do a lot of traveling.... Being a single parent at that time and having to get a baby sitter or leaving the kids alone in a new town (Dallas/Ft Worth) wasn't an option... So I decided to go to work for the company that recruited me for a job before I got out of the Military. They said I would be in town 90%-95% of the time so I went ahead and took the job even though they were "partially" unionized. In fact, only the people with my job description were union, everybody else wasn't... Union dues back them were only about $30 a month, and there was no pressuring people through propaganda to vote a certain way...so no big deal..... After about a year I realized DFW wasn't the place I really needed to be, so moved back home so the kids would be closer to family..... As far as pension plans go we have options that give us the freedom to do what we want with 2 of our plans, the other one is thru the hall..... They seem to be managing that one pretty well even with the downturn in the economy and the loss of jobs in the hall (because of UAW greed)..... If the UAW hadn't gotten so greedy and screwed over a lot of people in the Dayton area, things would be a lot better here.... more jobs for everybody (but the word "BROTHERHOOD" is not in their creed even though they spout those words everytime they get ready to screw you over)..... As far as the healthcare goes it's too expensive for what you get, and I would drop it in a heartbeat if I could because I have other better/cheaper options..... I could take my money and go non-union if I wanted but the job market just sucks so bad right now I might as well stay put until it's all over.... No use leaving a company that I like and they value me.....
When asked by a Liberal what I bought my Granddaughter for her 1st birthday I replied, "MORE AMMUNITION"!!!! -----------------------------"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf."
Nobody - repeat, NOBODY - (except maybe your statist buds) is going to take anything you post seriously until you lose the pic. Hell, there's a lot of other things you can use to illustrate your admiration for all things statist. Obama's a loser - the only card he's got left to play is to create a diversion which will cancel the 2012 elections. (I don't put this past him, BTW) Other than that, he's toast. (war): But continually referring to someone as "Messiah ZERO" and commenting on a tagline is engaging in a higher level discussion... Hey, that's cool, man. You've decided to ride the Obama ship all the way to the bottom. In a weird sort of way, you gotta admire such devotion . . .
Please don't try to speak or think for me. It takes weeks to get the stank out. What you promote here is not an argument. I have my opinion and whether or not a particular politician shares some or all of it is irrelevant to the policy. What you confuse as support, rather than belief, underscores the very corrupt nature of your own intellect, your own position and the politicians who promote. You can't make a cogent argument so you paint an opposing one with the braodest brush that you can find. Everything is a platitude to you. Everything is reduced to the lowest common form of "debate". You really don't "say" anything...you simply and feebly attempt to embarrass an opssing argument ito silence. It's why you and Erica get along just so famously...he does the same thing...ask him to support his POV and s/he comes back at you wih name calling and invective. It's been the general MO of the [so-called] right since Clinton. It's the main characteristic of talk radio...it's what guys like Boofer have been reduced to doing for years. So, If you actually want to discuss issues in a serious manner, I'll be here. If you don't, LP would be a good place for you to return...it's one big circle jerk and you and Erica won't stick out as much...
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...
Wow. I don't believe I've ever seen a better example words being strung together in vain search of a message. Well Done! Spare me your bullshit. All you do is mock and ridicule. You are about half as smart as you think you are. You are a joke.
What you promote here is not an argument. I have my opinion and whether or not a particular politician shares some or all of it is irrelevant to the policy. What you confuse as support, rather than belief, underscores the very corrupt nature of your own intellect, your own position and the politicians who promote. You can't make a cogent argument so you paint an opposing one with the braodest brush that you can find. Everything is a platitude to you. Everything is reduced to the lowest common form of "debate". You really don't "say" anything...you simply and feebly attempt to embarrass an opssing argument ito silence. It's why you and Erica get along just so famously...he does the same thing...ask him to support his POV and s/he comes back at you wih name calling and invective. It's been the general MO of the [so-called] right since Clinton. It's the main characteristic of talk radio...it's what guys like Boofer have been reduced to doing for years. So, If you actually want to discuss issues in a serious manner, I'll be here. If you don't, LP would be a good place for you to return...it's one big circle jerk and you and Erica won't stick out as much... 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...
You've mastered cut and paste. Very impressive!
The "use" is making what you say consistent with what you do.
"...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
#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)
#41. To: mininggold (#37)
I'm getting into....... WHO CREATED THAT POLICY.
#42. To: war (#36)
I asked you nicely to drop the Obama is my God bullshit.
Wait a sec. . . the other day, you said compromise was a good thing
messiah Zero is compromising, you think it will lead to failure?
#43. To: war, Get Outta Dodge! (#36)
Get Outta Dodge!: WHAT HAS OBAMA DONE?
Dummy: Compromise himself closer to failure...
Get Outta Dodge!: 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?
Dummy: I asked you nicely to drop the Obama is my God bullshit. 
Freedom is slavery.
Ignorance is strength.
#44. To: mininggold (#39)
Not bad pay for a lifeguard - but what makes these jobs most attractive is the generous retirements. These lifeguards can retire at age 50 with full medical benefits for life. One recently retired lifeguard, age 51, receives a government retirement of over $108,000 per year
#45. To: no gnu taxes (#41)
(Edited)
The EPA began the concept in 1972.
#46. To: lucysmom (#30)
taken continued the taking of the US down the socialist road, of course.
#47. To: mininggold (#45)
I knew it was created under the Nixon, but first implemented under Reagan.
#48. To: Get Outta Dodge! (#40)
it's like pulling teeth.
Freedom is slavery.
Ignorance is strength.
#49. To: no gnu taxes (#47)
Show me where Reagan or Nixon ever advocated cap and trade for CO2?
#50. To: mininggold (#49)
I knew it was created under the Nixon, but first implemented under Reagan.
#51. To: Capitalist Eric, war (#43)
#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.
#53. To: war (#36)
(Edited)
#54. To: Get Outta Dodge! (#51)
(Edited)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#55. To: CZ82 (#53)
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#56. To: war (#55)
Change your mind?
#57. To: CZ82 (#52)
#58. To: lucysmom (#57)
You belong to a union don't you.
#59. To: CZ82 (#58)
Since 1999..... when I started my second career.....
#60. To: lucysmom (#59)
Since 1999..... when I started my second career..... I do not now, nor have I ever belonged to a union - no pension plans or union health insurance for me. Guess that makes me more independent and freer than you.
#61. To: war (#54)
(G.O.D.): Pssst, war. Some friendly advice here, man.
#62. To: Get Outta Dodge! (#61)
(Edited)
You've decided to ride the Obama ship all the way to the bottom.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#63. To: war (#62)
#64. To: Get Outta Dodge! (#63)
Please don't try to speak or think for me. It takes weeks to get the stank out.
--GW Bush
--Sarah Palin's version of "The Midnight Ride of Paul revere"
#65. To: war (#64)
#66. To: CZ82 (#60)
I could take my money and go non-union if I wanted but the job market just sucks so bad right now I might as well stay put until it's all over.... No use leaving a company that I like and they value me.....
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