Stocks Drop 4%, Dow Skids 500, Led by Banks

CNBC ^ | 8-10-11 | Jeeyoen Park

[tcrlaf]

Stocks finished near session lows in choppy trading Wednesday, with the Dow and S&P wiping out all of the previous session's gains led by financials, as investors continued to cautiously monitor developments in the European banks.

The Dow Jones Industrial Average finished down over 500 points, wiping out the previous session's 429-point rally. The blue-chip index has had triple-digit moves in four of the last five trading days.

The S&P 500 and Nasdaq also finished sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 25 percent.

[tcrlaf]

Network Evening News Tonite lead:

"NOT OBAMA'S FAULT!" Any bets?

The Obamageddon continues...

[US Navy Vet]

On the 09th of Novemeber 2012 I am going to buy as much varied stock as I can! When whatever GOP candidate WINS the marker will go NUTS!!!!!

[ConservativeDude]

Obviously if the Tea Party had let taxes go up, none of this would be happening.

[Artemis Webb]

When Obama was elected I stated, many times, that it would be hard to beat him in 2012 because the economy almost certainly had to get better than it was in November of 2008. How very wrong I was.

[GonzoGOP]

You know it is bad when 500 point drops are becoming routine. No live threads, just a blurb on the close. The PPT did a bump at the close yesterday, but they couldn't hold it. The market is in full capitulation mode.

[zwerni]

Ahhhh.... the recovery...

[Scott from the Left Coast]

That’s actually a damn good plan...thanks for the thought (time to save some cash).

[tcrlaf]

The Dow is DOWN 2,081 points since Obama told Cantor, “DON’T CALL MY BLUFF!”

Funny how the media can’t seem to add two + twi together, isn’t it?

[warpsmith]

Recovery Summer II.

[tcrlaf]

SUMMER OF WRECKOVERY

[LostInBayport]

(cue Batman announcer voice) "Meanwhile, back at Martha's Vineyard, Obama-Man is focused like a laser on the collapsing stock market..."

[Oldeconomybuyer]

"Americans... still believe in an America where anything's possible - they just don't think their leaders do".

- Barack Obama

[GonzoGOP]

That’s actually a damn good plan...thanks for the thought (time to save some cash).

In a strange way it might not be. If Obama's polls continue to plunge the market will start to price in his defeat. The time to watch would be right after the second presidential debate. If it looks like it is going to be a blowout at that point the market will move up in anticipation.

[AngelesCrestHighway]

Thanks Obama!......

[Presbyterian Reporter]

In the last few weeks the stock market has dropped 20% and the gold market has increased 20%.

These price changes are pretty much telling Obama and the RINO Republicans that increasing the debt was a losing proposition.

We are going to see more misery until Federal Government starts living within its means. That means a drastic cut in expenses and an extension of eligible ages for Social Security and Medicare to 70 for those currently under the age of 50.

Since it seems Obama is incapable of thinking in these terms it is imperative that he be replaced in Nov 2012!!!!!

[pgkdan]

Is everybody enjoying their ‘Recovery Summer’?

[pgkdan]

Is everybody enjoying their ‘Recovery Summer’?

[tcrlaf]

Meanwhile, Hussein is FOCUSED LIKE A LASER BEAM on his Iftar Ramadan Dinner tonite....

[sickoflibs]

Those darn Tea party Terrorists :) A liberal co-worker told me it was all their fault, really, he wants to blame a few House members for this.

I had some fun with that. I told him it reminded me of the 2008 ‘George Soros blows up the whole world economy to elect Obama ‘ theory.

[ully2]

And where are our leaders?