Posted on 10/04/2011 10:49:46 AM PDT by SeekAndFind
NEW YORK (CNNMoney) -- The S&P 500 slid into bear market territory Tuesday as U.S. stocks continued to sell-off amid worries about Europe's worsening debt situation.
Investors are on edge over Greece's ability to meet its debt obligations and what a possible default might mean the global banking system.
The S&P 500 slid into bear market territory Tuesday as U.S. stocks continued to sell off amid worries about Europe's worsening debt situation.
Fed Chairman Ben Bernanke offered a grim assessment about the global economy but his pledge to take further action if necessary helped stocks back off earlier steep losses.
"An easier Fed is better than a tightening Fed," said Dan Greenhaus, chief global strategist at BTIG. "Market participants have probably convinced themselves there’s little the Fed can do now."
Casting a shadow over all of Bernanke’s comments and any economic reports in the U.S. is an ambient fear of whether Greece can meet its debt obligations and what a possible default might mean the global banking system.
The S&P 500 (SPX) was down 7 points, or 0.6%, by midday. A bear market is typically defined as a 20% drop from a recent high, which all three major indexes hit on April 29. After closing at 1363.61 on April 29, the S&P 500 is now bouncing around that threshold.
The Dow Jones industrial average (INDU) slid 110 points, or 1%. The Nasdaq (COMP) managed to turn around and gain 18 points, or 0.8%. Even the easing, both indexes remain just a few percentage points shy of falling into bear territory.
(Excerpt) Read more at money.cnn.com ...
Low today takes us back to September 3rd of 2010.
Next lows coming up are 10150 on August 27th of 2010, and 9686 on July 2nd of 2010.
After that, we are already back to October of 2009.
The DOW first hit 10490 back in April of 1999, Meaning that Obama has wound back 12 and a half years of gains.
The only two worse periods were from 1965 to 1983 and 1929 to 1957.
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