Skip to comments.Stocks sell-off accelerates as banks tank
Posted on 12/19/2011 1:01:38 PM PST by Signalman
NEW YORK (CNNMoney) -- U.S. stocks fell sharply Monday as investors remain concerned about the debt crisis in Europe and its potential impact on the global banking system.
The Dow Jones industrial average (INDU) was down 114 points, or 1%, in afternoon trading. The S&P 500 (SPX) sank 14 points, or 1.1%. The Nasdaq (COMP) slid 31 points, or 1.2%.
Stocks opened higher but the gains faded as the banking sector dragged down the broader market.
Bank of America (BAC, Fortune 500) fell below $5 per share, lowest level since the worst of the financial crisis in March 2009. Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500) and JPMorgan (JPM, Fortune 500) chase were also down sharply.
U.S. banks have been hit by concerns about their exposure to bonds issued by fragile governments in the eurozone. On Friday, Fitch put seven European countries on credit watch negative, citing a higher probability that it could downgrade these nations in the next few months.
(Excerpt) Read more at money.cnn.com ...
On Monday, the stock market is worried about the Eurozone.
By Wednesday, it has forgotten about the whole thing, and is up hundreds of points.
On Friday, it remembers again. You wouldn’t want to be holding stock over the weekend, something bad might happen.
I agree. Stocks are going to crash in 2012. Initially, the place to be is in cash and later (2013-2014) in Muni and corporate bonds.
Happens at the end of every year.
The Dow’s only down 100. hardly a selloff.
Slackers. Did mine last week! ; )
One of the best times to buy into the market. Some fabulous deals out there.
Does anyone know anything about this?
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