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Wall Street Set To Tumble As Global Markets Roiled
Yahoo Finance ^ | 7-12-2011 | Edward Krudy

Posted on 07/12/2011 5:56:20 AM PDT by blam

Wall Street Set To Tumble As Global Markets Roiled

Tuesday July 12, 2011, 7:48 am
By Edward Krudy

NEW YORK (Reuters) - Wall Street was headed for a third day of losses on Tuesday as fears of a systemic crisis in the euro zone grew, sending index futures sharply lower.

In a rerun of the spring selloff in equity markets, U.S. stocks fell sharply in the last session as European officials for the first time refused to rule out default by Greece and investors feared the crisis could overtake Spain and Italy.

"The markets have been gripped by fear, how real it is hard to say," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

"Is it just the news flow that is causing this? Is it hedge fund managers that are causing this or is there something really more systemic here," he said.

A selloff in Asia was swiftly followed in Europe. The FTSEurofirst 300 (^FTEU3 - News) index of top European fell 1.5 percent, while Japan's Nikkei average (Osaka:^N225 - News) lost 1.4 percent. Wall Street posted its worst day in a month on Monday.

Early trading suggested economically sensitive areas, such as industrials and banking, would lead a broader market decline. Citigroup (NYSE:C - News) fell 1.5 percent to $39.20 while General Electric (NYSE:GE - News) fell 1.2 percent to $18.40.

S&P 500 futures slipped 15.10 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures dipped 111 points, and Nasdaq 100 futures fell 19.75 points.

The S&P 500 found support at its 50 and 100-day moving averages at around the 1,316 level in the last session.

(snip)

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: djia; eu; greece; markets

1 posted on 07/12/2011 5:56:28 AM PDT by blam
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To: blam

doan werry. there’s a backup plan.


2 posted on 07/12/2011 6:04:01 AM PDT by the invisib1e hand ("America will cease to be great when America ceases to be good." -- Welcome to deToqueville.)
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To: blam

How much of the international slide is being done to bolster Obama’s position on raising the U.S. debt ceiling?


3 posted on 07/12/2011 6:05:25 AM PDT by Doulos1 (Bitter Clinger Forever!)
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To: blam

Looks like the train to economic holocasut is accelerating.


4 posted on 07/12/2011 6:05:59 AM PDT by dynachrome ("Our forefathers didn't bury their guns. They buried those that tried to take them.")
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To: the invisib1e hand

better yet, there’s a CLEVER backup plan. (We cannot reveal it at this time.)


5 posted on 07/12/2011 6:06:10 AM PDT by babble-on
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To: Doulos1

0% of the slide is related to the US budget situation, politically or economically.


6 posted on 07/12/2011 6:07:16 AM PDT by babble-on
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To: blam

Is this a reaction to the drop here yesterday or a precursor to a further drop? Hard to say what’s the chicken and what’s the egg.


7 posted on 07/12/2011 6:10:42 AM PDT by randita
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To: blam

The futures, at this writing, are down 15 points. That’s not what I’d a call a prelude to a big drop.

Keep your eyes open for the FOMC minutes to be released a 2 PM eastern time, though.

Hang in there, and let’s be careful out there.

-Rex


8 posted on 07/12/2011 6:13:28 AM PDT by RexBeach (Mr. Obama can't count.)
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To: blam

“Roiled.” Really??


9 posted on 07/12/2011 6:13:31 AM PDT by ExtremeUnction
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To: blam
The State of The Entire S&P In One Huge Slide

From Catalpa Capital Advisors:


10 posted on 07/12/2011 6:14:07 AM PDT by blam
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To: Doulos1
How much of the international slide is being done to bolster Obama’s position on raising the U.S. debt ceiling?

That is a very good question since the control of the Executive Branch is control of a multi-trillion dollar international slush fund that has greatly benefited non-US banks and businesses.

11 posted on 07/12/2011 6:15:39 AM PDT by The Theophilus (Obama's Key to win 2012: Ban Haloperidol)
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To: blam

Globalization and interdependence = mutually assured economic destruction.... =.=


12 posted on 07/12/2011 6:16:52 AM PDT by cranked
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To: Doulos1
How much of the international slide is being done to bolster Obama’s position on raising the U.S. debt ceiling?

Some liberal "Democrat Strategist" was on the news last night saying the economic troubles in Italy and throughout Europe were due to the Republicans not raising the debt limit. Thankfully the host basically told her she didn't have a clue, and the European troubles aren't even remotely related to what is going on here. But that is going to be their strategy, any bad economic news from here on out is going to be the Republicans fault.

13 posted on 07/12/2011 6:22:02 AM PDT by apillar
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To: blam
So let me get this straight

One day last week the news was Greece debt crisis was adverted and when everyone woke up and heard this news they immediately called their brokers screaming Buy, Buy, Buy!!!!

Now we are told these very same people who were so excited last week now upon hearing (apparently for the 1st time) that Italy has debt problems they are immediately calling their brokers screaming Sell, Sell, Sell!!!!

uuummmmmm, make perfect sense to me

14 posted on 07/12/2011 6:24:01 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: blam

Tumble away, take ZERO with you. . . . .


15 posted on 07/12/2011 6:31:26 AM PDT by DeaconRed (ZERO & Casey. Liars.)
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To: Doulos1

If this is part of the game plan...to make the markets start falling to force the Republicans to cave re: the debt ceiling...we are in worse trouble than I thought. Sometimes I don’t even want to hear what is going on...If it is worse than just having the fraud in the WH until he gets voted out...we are doomed. Very sad times, to see the U.S. lost this way.


16 posted on 07/12/2011 6:42:55 AM PDT by Pigsley
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To: blam

Not to worry; some very smart Ivy Leaguers are in control and managing the situation.


17 posted on 07/12/2011 6:49:16 AM PDT by lurk
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To: Doulos1
How much of the international slide is being done to bolster Obama’s position on raising the U.S. debt ceiling?

0%. There are more immediate worries for the markets; they are Greece, Spain, and Italy.

18 posted on 07/12/2011 6:51:21 AM PDT by NeoCaveman (Debt ceiling cat is watching you negotiate.)
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To: blam

We are all going to die. Whaaa.


19 posted on 07/12/2011 6:52:18 AM PDT by verity (The Obama Administration is a Criminal Enterprise.)
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To: qam1

Yesterday Greece, today Italy, tomorrow Spain.

Eventually Germany as they can’t afford Greece, Spain, and Italy’s debts either.


20 posted on 07/12/2011 6:52:55 AM PDT by NeoCaveman (Debt ceiling cat is watching you negotiate.)
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To: blam

I pulled everything out last Friday.


21 posted on 07/12/2011 6:56:22 AM PDT by wtc911 ("How you gonna get down that hill?")
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To: The Theophilus

And that may have been what Timmy was talking about...if America defaults. ‘Course most of us have known that for years...if America ever financially failed the world would stop.


22 posted on 07/12/2011 6:57:17 AM PDT by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: blam

I pulled everything out last Friday.


23 posted on 07/12/2011 6:58:55 AM PDT by wtc911 ("How you gonna get down that hill?")
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To: ExtremeUnction

24 posted on 07/12/2011 7:27:41 AM PDT by blam
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To: cranked

“Globalization and interdependence = mutually assured economic destruction.... =.=”

You said it perfectly.


25 posted on 07/12/2011 7:35:51 AM PDT by BlatherNaut
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