Skip to comments.Stocks drop 1% on China, Europe fears (DJIA down 140)
Posted on 04/23/2012 9:53:49 AM PDT by Signalman
NEW YORK (CNNMoney) -- U.S. stocks fell 1% Monday as investors grew concerned about European political uncertainty and another sign of a slowdown in the Chinese economy.
France's prime minister Nicolas Sarkozy came in second place in the first round of presidential elections Sunday, and on Monday, Dutch Prime Minister Mark Rutte resigned.
That combined with a slowdown in China's manufacturing was enough to unnerve investors at the start of what will be a busy week on the economic and earnings front.
"The events over the weekend re-ignited concerns that the European community is going to have trouble working out a coordinated plan for austerity," said Douglas DePietro, head of equity sales trading at Evercore. "There's no economic data out of the U.S. today to thwart a sell-off."
The Dow Jones industrial average (INDU) dropped 138 points, or 1.1%. TheS&P 500 (SPX) shed 14 points, or 1%. The Nasdaq (COMP) lost 38 points, or 1.3%.
(Excerpt) Read more at money.cnn.com ...
Margin call, gentlemen.
"Turn those machines back on!"
Wait, Europe...you mean Obama isn’t the answer?
Silver sure is taking a hit.
CNN Money always says ‘up’ days are because of something in the US and ‘down’ days are always because of something happening somewhere else.
It’s as sure as ‘unexpected’ LOL!
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