Posted on 06/22/2009 9:06:28 AM PDT by AngieGal
A grim economic forecast from the World Bank put pressure on stocks and commodities prices on Monday and increased demand for Treasurys and the dollar.
Shortly after the opening bell, the Dow Jones Industrial Average was lower by about 97 points. The S&P 500-stock index fell 1.6% and the Nasdaq Composite Index declined 1.6%.
The World Bank added to the market's unease about the economic outlook as it said that the global economy will shrink by 2.9% this year. That is worse than the body's previous forecast for a 1.7% contraction.
-snip-
Treasury yields declined as investors snapped up government debt despite an upcoming meeting of the Federal Reserve and the expected sale of $104 billion in notes this week. The benchmark 10-year note climbed 16/32 to yield 3.71%. The dollar gained against the euro but declined against the yen, in a pattern that has frequently emerged when traders grow nervous about the outlook.
The Fed is expected to leave interest rates unchanged, but traders are looking for any indication that the central bank intends to rein in some of its monetary stimulus.
(Excerpt) Read more at marketwatch.com ...
Obam 08 Depression 09 not just a bumper sticker anymore
/sarc
Inflation’s a b*tch. Thanks Hussein.
But there are green shoots.
The “green shoots” are sprouting everywhere! (massive sarcasm alert)
Just wait till all those wind turbines and solar panels jump start the economy!/massive sarc
Who just paid back their TARP funds?
Who is paying out bonuses that are the highest in the company’s history?
Who is trying to sell Treasury’s and needs to keep the rates down?
Vola!! The market tanks to make us poor and them rich.
“Who just paid back their TARP funds?
Who is paying out bonuses that are the highest in the company’s history?
Who is trying to sell Treasury’s and needs to keep the rates down?
Vola!! The market tanks to make us poor and them rich.”
quoted for truth
That will kill off more mortgage/re-fi applications. There ain't gonna be a light at the end of the tunnel for a long time - the gorilla's flashlight batteries are dead.
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