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 ...
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?
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.
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.
I like silver better than gold too.
Good luck to ya.
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.
$6 to $8 billion just doesn’t buy what it used to. Lol
Yeah, you’re right. I don’t know anything [/sarc].
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.
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.
Der Fuhrer, 0h0m0llah, allows drilling in only one spot, his derriere.
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.
Sorry, realized jpsb opened up an old thread.
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