Northern_Paladin
02-04-2010, 10:43 PM
The Dow fell below 10,000 Thursday for the first time since last November amid worries about the US job market and Europe's ability to get a grip on its debt.
In the final, hair-raising minute of trading, the Dow Jones Industrial Average fell below that 10,000 mark, before popping back up a few points to end at 10,002.18.
When the dust settled, the Dow lost 2.6 percent, led by Bank of America, Merck and JPMorgan. Just one of the 30 Dow components was higher — Cisco.
The S&P 500 shed 3.1 percent and the Nasdaq dropped 3 percent.
Major U.S. Indexes
.DJIA
10002.18
-268.37
-2.61%
0
.NCOMP
2125.43
-65.48
-2.99%
0
.SPX
1063.11
-34.17
-3.11%
0
The CBOE volatility index, the market's fear gauge, spiked more than 20 percent, ending above 26.
With today's decline, the Dow is now down more than 4 percent for the year.
The selloff left a lot of anxiety in the market heading into tomorrow's session — and the jobs report. There was some buzz on the floor that this may be the beginning of a full-blown correction, which would be a 10-percent drop from January's highs. The level to watch is 1,035 on the S&P.
FOR INVESTORS
* Three Reasons to Buy Stocks
* Cramer: 8 Bull Markets Happening Now
* How to Make Money in Foreign Stocks
* Why Are Traders Betting Against Comcast?
* Hungry? Trade Your Stock in for Steak!
Global markets started the day's spiral amid worries about debt in Portugal, Spain and Greece and those countries' abilities to get it under control.
Worries about the situation in Europe sent the dollar to a seven-month high against the euro. Oil fell to $73.14 a barrel and gold fell to a three-month low, settling at $1,062 an ounce.
The U.S. fanned the flames as initial jobless claims rose by 8,000 last week to a seasonally adjusted 480,000. Economists had been expecting the gauge to drop by 10,000, according to the latest Reuters survey.
This came after a pair of reports on Wednesday that showed tepid jobs growth and one day ahead of the big jobs report from the government. Economists expect to see that 5,000 jobs were added to nonfarm payrolls in January after a loss of 85,000 in December.
http://www.cnbc.com/id/35234593
www.shadowstats.com
www.capitalismkills.com
In the final, hair-raising minute of trading, the Dow Jones Industrial Average fell below that 10,000 mark, before popping back up a few points to end at 10,002.18.
When the dust settled, the Dow lost 2.6 percent, led by Bank of America, Merck and JPMorgan. Just one of the 30 Dow components was higher — Cisco.
The S&P 500 shed 3.1 percent and the Nasdaq dropped 3 percent.
Major U.S. Indexes
.DJIA
10002.18
-268.37
-2.61%
0
.NCOMP
2125.43
-65.48
-2.99%
0
.SPX
1063.11
-34.17
-3.11%
0
The CBOE volatility index, the market's fear gauge, spiked more than 20 percent, ending above 26.
With today's decline, the Dow is now down more than 4 percent for the year.
The selloff left a lot of anxiety in the market heading into tomorrow's session — and the jobs report. There was some buzz on the floor that this may be the beginning of a full-blown correction, which would be a 10-percent drop from January's highs. The level to watch is 1,035 on the S&P.
FOR INVESTORS
* Three Reasons to Buy Stocks
* Cramer: 8 Bull Markets Happening Now
* How to Make Money in Foreign Stocks
* Why Are Traders Betting Against Comcast?
* Hungry? Trade Your Stock in for Steak!
Global markets started the day's spiral amid worries about debt in Portugal, Spain and Greece and those countries' abilities to get it under control.
Worries about the situation in Europe sent the dollar to a seven-month high against the euro. Oil fell to $73.14 a barrel and gold fell to a three-month low, settling at $1,062 an ounce.
The U.S. fanned the flames as initial jobless claims rose by 8,000 last week to a seasonally adjusted 480,000. Economists had been expecting the gauge to drop by 10,000, according to the latest Reuters survey.
This came after a pair of reports on Wednesday that showed tepid jobs growth and one day ahead of the big jobs report from the government. Economists expect to see that 5,000 jobs were added to nonfarm payrolls in January after a loss of 85,000 in December.
http://www.cnbc.com/id/35234593
www.shadowstats.com
www.capitalismkills.com