Posted on 08/14/2009 9:44:09 AM PDT by Signalman
NEW YORK (CNNMoney.com) -- Wall Street tumbled near midday Friday, after a weaker-than-expected consumer sentiment report sparked a mass exodus following a big rally.
The Dow Jones industrial average (INDU) lost 150 points, or 1.6%, more than two hours into the session. The S&P 500 (SPX) index fell 17 points, or 1.7%. The Nasdaq composite (COMP) lost 37 points, or 1.9%.
Declines were broad based, with all but 1 of the Dow's 30 components falling. The biggest losers were Boeing (BA, Fortune 500), IBM (IBM, Fortune 500), Chevron (CVX, Fortune 500), Exxon Mobil (XOM, Fortune 500), McDonald's (MCD, Fortune 500) and 3M (MMM, Fortune 500).
Stocks began the session with slim losses, as investors shrugged off reports that supported hopes for an economic recovery, including a mild reading on inflation and signs that factory production has started to pick up. But the selloff soon picked up speed, following the release of the consumer sentiment index.
The University of Michigan's consumer sentiment index dipped to 63.2 in August from 66 in late July. Economists surveyed by Briefing.com thought it would rise to 69.
(Excerpt) Read more at money.cnn.com ...
Hey Obango!....How’s that “we’ve stepped back from the cliff” statement workin for ya?.......
But all the ‘experts’ on TV were giddy last week. The Fed announced all was well.
It’s as if all these ‘experts’ and (democrat)economists at the Fed don’t believe in the Business Cycle. Furthermore, they have no idea where we are. We could have experienced a temporary uptick in unemployment, but it is not a trend. We’ll know that after the fact. They are just carrying the water for the rats and 0. Not that I’m surprised.
Alternate Headline: Stocks Plummet as more find out President is anti-Business, anti-American.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.