Stocks get clobbered: Dow down 200 points

CNNMoney ^ | 6/21/2012 | Maureen Farrell

[Signalman]

NEW YORK (CNNMoney) -- A stock sell-off gained steam Thursday, with the Dow sinking 200 points, as investor confidence was shattered by signs that the global economy may be hitting a rough patch.

That's partly why Goldman Sachs (GS, Fortune 500) issued a report telling investors to short, or sell, the S&P 500 until it falls at least 5% below current levels.

Add an audit of Spanish banks that showed the government plans to request up to €62 billion of aid for the ailing nation's banks and it was the perfect storm to send all three major indexes down nearly 2%.

"Traders and investors are really spooked today," said Sal Arnuk, co-head of equity trading at Themis Trading.

Still Arnuk cautioned that trading volume remained light, which can cause some wild gyrations.

The Dow Jones industrial average (INDU) lost 205 points, or 1.7%. The S&P 500 (SPX) fell 24 points, or 1.8 The Nasdaq (COMP) slipped 57points or 1.9%.

[Dr. Thorne]

A stock sell-off gained steam Thursday, with the Dow sinking 200 points, as investor confidence was shattered by signs that the global economy may be hitting a rough patch.

A rough patch? How about a rough decade? Except for FedGov stimulus, there is no real overall growth in business.

[Georgia Girl 2]

A rough patch. So thats what they call global meltdown now.

[relictele]

I’d like to get out in front of the crowd and state for the record that I didn’t expect this.

[proxy_user]

But nothing has gone low enough to buy....yet.

If you are disciplined, you can make money in any market.

[PowderMonkey]

"...investor confidence was shattered by signs that the global economy may be hitting a rough patch."

LOL! "Global" economy "may" be hitting a "rough patch." Athens, Paris, Lisbon, and Rome are burning while our Nero babels about designing "things" and building "stuff," and making "thingamajigs." Things, stuff, and thingamajigs. Golly! My broker just can't seem to find those listed on the NYSE. Otherwise, I'd be all in, baby!

[Jane Long]

Unexpectedly™

[scooby321]

Obama's goose is cooked as all indictors way down towards a recession

But he can claim he got rid of high gas prices

[aimhigh]

On the other hand, Ruger (firearm) stock (RGR) is up today.

[Freedom_Is_Not_Free]

Stocks have been essentially flat since 2000. If you are a buy and hold investor, you have made nothing for the past 12 years going on 13. Dollar cost averaging means some people are up a bit and some are down a bit. But overall, the secular Bear market has made stocks a lousy bet for the past 12 years and this trend doesn't look to break soon.

I still maintain that the S&P 500 should be around 850.

[Freedom_Is_Not_Free]

Stocks have been essentially flat since 2000. If you are a buy and hold investor, you have made nothing for the past 12 years going on 13. Dollar cost averaging means some people are up a bit and some are down a bit. But overall, the secular Bear market has made stocks a lousy bet for the past 12 years and this trend doesn't look to break soon.

I still maintain that the S&P 500 should be around 850.