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Dow drops 200 points amid Libya turmoil
CNNMoney ^ | 2/22/2011 | Hibah Yousuf

Posted on 02/22/2011 12:52:48 PM PST by Signalman

NEW YORK (CNNMoney) -- Libya's escalating political crisis sparked a sell-off in U.S. stocks Tuesday, with the Dow down more than 200 points during the final hour of trading, as oil prices continued to skyrocket.

Ongoing weakness in the housing market also added pressure after a report showed that national home prices fell 4.1% during the fourth quarter of 2010.

The Dow Jones industrial average (INDU) was down 205 points, or 1.7%. Wal-Mart (WMT, Fortune 500) was one of the worst performers on the Dow, with shares down almost 4% after the retailer reported disappointing U.S. sales figures.

The S&P 500 (SPX) was down 30 points, or 2.2%, and the tech-heavy Nasdaq (COMP) shed 77 points, or 2.7%.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: 0bamasfault; 3amcall; djia; dow; obamasfault

1 posted on 02/22/2011 12:52:50 PM PST by Signalman
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To: Signalman

BTW, gold is DOWN 8 bucks.


2 posted on 02/22/2011 12:54:43 PM PST by DManA
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To: Signalman

IMHO, this is a chance to lighten up on high quality bond funds and start dollar cost averaging by a teeny bit into big domestic equities.


3 posted on 02/22/2011 12:54:47 PM PST by jdsteel (I like the way the words "Palin for President" make progressives apoplectic.)
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To: Signalman

Good thing we have confident leaders in charge of our foreign policy and military. I’m sure they will sort this out soon.


4 posted on 02/22/2011 12:55:28 PM PST by Eyes Unclouded ("The word bipartisan means some larger-than-usual deception is being carried out." -George Carlin)
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To: Signalman

The market has been begging for a correction. It has been floating on a sea of Fed-pumped liquidity and little else. That liquidity gets yanked and we will see some eye-popping declines. IMO the highs are in for this cycle, possibly til later this year. But there is one hell of a canyon to bridge before *that* prediction can be reasonably made.


5 posted on 02/22/2011 12:55:36 PM PST by Attention Surplus Disorder (Which has more wrinkles? Helen Thomas' face or Lawrence O'Donnells' panties?)
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To: Signalman

Has Barry banged in to the West Wing yet after his long weekend?


6 posted on 02/22/2011 12:56:56 PM PST by AU72
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To: DManA

What are you smoking!

GOLD is UP $9.90.


7 posted on 02/22/2011 12:58:00 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: Signalman

There is always some little thorn that pierces a bubble.

The blame can’t really be laid on the thorn; afterall, thorns are common and without intent.

The blame has to fall on the bubble itself and those who created it (Fed, Wall Street, et. al.).


8 posted on 02/22/2011 12:59:53 PM PST by steve86 (Acerbic by nature, not nurture (Could be worst in 40 years))
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To: Signalman

...and your “president” is asleep at the wheel, or eating ice cream.


9 posted on 02/22/2011 1:00:57 PM PST by FightforFreedomCA (Pelosi is a wretched, communist, b!#*&)
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To: Signalman

BUSH IS IN BED WITH BIG OIL...oh wait a minute...


10 posted on 02/22/2011 1:01:41 PM PST by wxgesr (I want to be the first person to surf on another planet.)
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To: Signalman
Libya? Nothing to do with union protests spreading to several states? It's friggin' LIBYA that worries investors?

I really hate these moronic daily reports that ascribe vast market moves to a single (usually unrelated) event. I did not change any of my portfolio today simply because of Libyans yelling at Libyans, and I doubt that any significant portion of the market did either.

11 posted on 02/22/2011 1:03:48 PM PST by Teacher317 (really?)
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To: PSYCHO-FREEP

Here’s where I’m looking:

http://si.advfn.com/p.php?pid=commoditiesqkquote&symbol=COM^GC\J11


12 posted on 02/22/2011 1:04:49 PM PST by DManA
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To: Signalman

Looks like the DOW closed down about 178. I’m surprised it held up this well, given the boatload of bad and scary news extant at present.


13 posted on 02/22/2011 1:08:43 PM PST by SaxxonWoods (Throw away your papers, blow up your TV...and set yourself free.)
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To: Signalman

The market was due for a selloff. It ain’t much of a selloff though.


14 posted on 02/22/2011 1:08:59 PM PST by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: DManA

I’m going off the actual Dow ticker. (At the close) Dow down 178, Oil up $7.37, Gold up $9.20, Silver up $.74 at $33.02.

I made a move to Silver today. Got in late and still made 1%.


15 posted on 02/22/2011 1:14:49 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: Signalman
No it did NOT drop because of the Libya turmoil. Everyone LIES! It dropped because some big fat finger on Wall Street just decided it would be a good time to fall. Libya is an insignificant tin-pot dicator-run useless country which has little or no effect on our economy. Bookseller Barnes and Noble (BKS) fell 14+ percent today on lies as well. The markets are now a TOTAL manipulation.
16 posted on 02/22/2011 1:20:48 PM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: PSYCHO-FREEP
Are you a trader or is this a long term investment? I made a move to Silver today.
17 posted on 02/22/2011 1:24:58 PM PST by DManA
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To: Signalman

does everyone love us yet?


18 posted on 02/22/2011 1:27:27 PM PST by sappy (criminalDEMs)
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To: DManA

This is Long term, however modified for quick moves. I go through a broker and have a direct feed to my accounts.


19 posted on 02/22/2011 1:29:10 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: PSYCHO-FREEP

May I ask what form you buy it in?

(Just idle curiosity.)


20 posted on 02/22/2011 1:30:36 PM PST by DManA
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To: MeneMeneTekelUpharsin
OK,

So, you're saying that it was someone at Wall Street with a big finger who pushed a button and all the markets reacted.

Libya controls most of the Middle East Oil, it couldn't have possibly been that.......

Who knew?

21 posted on 02/22/2011 1:35:22 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: Signalman

Meanwhile the price of oil keeps going up and up, and der Fuhrer 0bama has decreed that no drilling be permitted. Think about that the next time you gas up.


22 posted on 02/22/2011 1:40:35 PM PST by The Sons of Liberty (Psalm 109:8 Let his days be few and let another take his office. - Mene, Mene, Tekel, Upharsin)
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To: DManA
I go with the Silver Miners fund. It reacts quicker and bigger than the actual price per ounce.

Buying Silver or Gold and stuffing it into a safe or mattress at home is foolish, at the time being. For one, these companies that sell to the public charge huge service handling charges, and when you try to redeem the bullion or coins, they charge another “processing/handling fee”. The owner takes a big double digit loss in the shuffle. Not to mention the great risk of robbery or catastrophe

I have done extremely well using the method I described at the beginning.

23 posted on 02/22/2011 1:42:29 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: PSYCHO-FREEP

I like silver better than gold too.

Good luck to ya.


24 posted on 02/22/2011 1:52:29 PM PST by DManA
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To: DManA
Good luck to you too!

I still think Gold will stay on a steady track up. Some made a trade of Gold for Silver the last 3 days, but in the long haul, both PM’s will do well. Especially Silver over the next few months.

25 posted on 02/22/2011 1:56:48 PM PST by PSYCHO-FREEP (Patriotic by Proxy! (Cause I'm a nutcase and it's someone Else's' fault!....))
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To: SaxxonWoods

$6 to $8 billion just doesn’t buy what it used to. Lol


26 posted on 02/22/2011 6:53:40 PM PST by sheana
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To: PSYCHO-FREEP

Yeah, you’re right. I don’t know anything [/sarc].


27 posted on 02/23/2011 3:00:48 AM PST by MeneMeneTekelUpharsin (Freedom is the freedom to discipline yourself so others don't have to do it for you.)
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To: Signalman

Did not want to start a new thead yet, but dow is down big time on the news out of Japan. Down 270 as I type.


28 posted on 03/15/2011 7:09:12 AM PDT by jpsb
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To: Signalman

Did not want to start a new thead yet, but dow is down big time on the news out of Japan. Down 270 as I type.


29 posted on 03/15/2011 7:09:18 AM PDT by jpsb
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To: The Sons of Liberty
Meanwhile the price of oil keeps going up and up, and der Fuhrer 0bama has decreed that no drilling be permitted.

Der Fuhrer, 0h0m0llah, allows drilling in only one spot, his derriere.

30 posted on 03/15/2011 7:34:30 AM PDT by melancholy (Papa Alinsky, Enslavement Specialist)
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To: Signalman

Hmm, most of the sell-off seems to be related to Japan news, not Libya.

Consumer Electronics, Tech, Uranium, all Japanese stocks, and solar UP. Libya might have something to do with it, but CNBC and Fox Business were mostly talking Japanese tsunami and nuclear impacts this morning.


31 posted on 03/15/2011 7:40:39 AM PDT by Betis70 (First the House, then the Senate)
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To: jpsb; Signalman

Sorry, realized jpsb opened up an old thread.


32 posted on 03/15/2011 7:48:33 AM PDT by Betis70 (First the House, then the Senate)
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