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Wall Street hits 2-month low on Greek uncertainty (Europe election results sparks new uncertainty)
Yahoo Finance via Reuters ^ | 05/08/2012 | Edward Krudy

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.

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


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: europe; stockmarket; wallstreet

1 posted on 05/08/2012 9:45:34 AM PDT by SeekAndFind
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To: SeekAndFind

I wonder if the Greeks STILL consider themselves a first-world country.


2 posted on 05/08/2012 9:47:49 AM PDT by cloudmountain
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To: cloudmountain

The question soon will be if they are even a country at all.


3 posted on 05/08/2012 9:57:14 AM PDT by Scott from the Left Coast
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To: cloudmountain

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.


4 posted on 05/08/2012 10:20:31 AM PDT by VanDeKoik (If case you are wondering, I'm STILL supporting Newt.)
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To: SeekAndFind

So what’s going on in the Greek and French markets? Do they still have “markets”?


5 posted on 05/08/2012 10:31:40 AM PDT by the_devils_advocate_666
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To: the_devils_advocate_666

Greek market is at a 20 year low.

http://www.zerohedge.com/news/greek-stocks-plummet-20-year-lows


6 posted on 05/08/2012 10:41:38 AM PDT by NeoCaveman ("If I had a son he'd look like B.O.'s lunch" - Rin Tin Tin)
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To: NeoCaveman
Short oil now

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.

7 posted on 05/08/2012 10:45:33 AM PDT by scooby321 (h tones)
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To: SeekAndFind
More Obamanism = more chaos.
8 posted on 05/08/2012 10:46:52 AM PDT by Milagros (Y)
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To: scooby321

I agree


9 posted on 05/08/2012 10:51:30 AM PDT by NeoCaveman ("If I had a son he'd look like B.O.'s lunch" - Rin Tin Tin)
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To: SeekAndFind
Don't worry - tomorrow the 0 propaganda machines at Bloomberg and CNBC will be all giddy telling you the European situation is under control and the selling yesterday was ‘overdone’.

Buy, buy, buy!!

10 posted on 05/08/2012 11:25:17 AM PDT by MichaelCorleone (Forget the GOP and build the Constitution Party, because the status quo is no longer the way to go.)
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To: MichaelCorleone

The PPT will be working overtime.


11 posted on 05/08/2012 11:26:27 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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Uncertainty? I’m pretty certain the Euro is going bye bye.


12 posted on 05/08/2012 11:58:38 AM PDT by dsrtsage (One half of all people have below average IQ. In the US the number is 54%)
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