Skip to comments.Wall Street hits 2-month low on Greek uncertainty (Europe election results sparks new uncertainty)
Posted on 05/08/2012 9:45:22 AM PDT by SeekAndFind
NEW YORK (Reuters) - Wall Street tumbled to its lowest level in two months on Tuesday as new questions emerged over Europe's ability to fend off a deeper crisis in the debt-stricken region.
The S&P 500 crashed through its lows for April, a level traders had seen as support, and hit bottoms from early March. The move was part of broad run to perceived safer assets. (MKTS/GLOB) Elections in France and Greece appeared to herald a new era of opposition to government austerity, sparking new uncertainty and came amid concern about economic growth in the United States and China.
"It will probably mean that it's prudent to have a little bit less risk exposure here," said David Joy, chief market strategist at Ameriprise Financial in Boston.
"You're probably going to see a rotation into more defensive types of stocks."
Sectors sensitive to the economy floundered, with the S&P consumer discretionary sector (.GSPD) falling 2 percent. Investors moved toward safety plays, and utilities (.GSPU) and telecommunications (.GSPL) both fell just 0.2 percent.
Joy, who helps oversee $571 billion in assets, said he has been cutting exposure to economically sensitive stocks to a more market-neutral position over the last two months.
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I wonder if the Greeks STILL consider themselves a first-world country.
The question soon will be if they are even a country at all.
They live off the greatness of Greeks 3,000 years ago.
Greece, from after the Romans took over, has never been anything but a joke.
So what’s going on in the Greek and French markets? Do they still have “markets”?
Greek market is at a 20 year low.
Euro is in crisis
Demand lower , Dollar will gain as the currency of choice. The European countries may not want cuts but they can't print money and nobody will loan them money ( maybe Obama will).
This will end worse than 2008 worldwide.
Buy, buy, buy!!
The PPT will be working overtime.
Uncertainty? I’m pretty certain the Euro is going bye bye.