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Subscribe to RSSWall Street’s three-day winning streak is over.
Stocks danced in and out of positive territory for most of the morning, but turned negative later in the day.
According to preliminary calculations, the Dow Jones industrial average fell 179 points, or 1.61 percent, to 11,010.90. The broader S&P 500 sunk 24.30 points, or 2.07 percent, to 1,151.08. The Nasdaq dipped 55.25 points, or 2.17 percent, to 2,491.58.
Why the downward movement? Evidence that there is sharp division among European financial leaders.
"The market gets pumped up on hope, and then it gets the rug pulled out from under it," Keith Springer, president of Springer Financial Advisors, told the Wall Street Journal. "We're all hoping that the European leaders can create a backstop here, but we all know that the backstop is just short term. They're just kicking the can down the road."
The larger global economy – regardless of how the European debt crisis will be solved – still appears weak. Oil prices plunged again Wednesday on expectations that slow growth would weaken demand for raw materials.
One bright spot was Amazon, which saw its shares climbed about 5 percent after the online retailer unveiled the new Kindle Fire tablet, which will battle Apple’s iPad for market share. Barnes & Noble, which own the Nook e-reader, saw its shares fall nearly 15 percent.
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Let it go people!You all played and lost the game, and now comes the hard part!LET IT GO!In case anyone is wondering who I'm talking about it's these Lunk Heads in Europe and their meetings.It's too late the train has already pulled out of the station.Which end of this equation doesn't anyone understand?
America-where the government controls the people and the corporations control the government.
Wake up people of America, take your country back before it's too late!
BINGO!marlen1917.
Gloria, I hope you don't mind if I piggyback on your post, but I also agree with Marlen.
Let's take our country back AND our money too. I can supply an old duffel bag and a couple of pillowcases.
Dear Henrillis, We just lost $3 trillion dollars to the idiot people who run the banks and wall street fools. What the hell are you talking about? Pessimissm? The idiots are still there and government bailed them out. Why? The stupifying reason that they are too big to fail. Thats so crazy.
Then we see CEO pay and upper managment pay and advisor pay and all the other pen pushing pay that we do not know about swallow up the profits of these companies and push down wages for people working with tools.
The average lifespan of an american company now is 15 Years in the fortune 500. It use to be 75 years. The CEO pay and director pay and boards that award the pay has gotten out of control. Its destroying the corporations and destroying american.
CEO pay is JOB destroying. Why? The bastards take all the money for themselves. If you want to make america great again. Push CEO pay back to the 1950s at 24x the US citzens average pay. Now its like 400+. Its not sustainable and its job destroying.
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Did anyone ever really think 17 goverments could come to an agreement? Our bicameral legislature can't even agree to needed austerity.
Even if these people came to an agreement how long does anyone think the charade would last,a few months a year?No I say this a run away train that nobody can stop, no matter how much money you throw at it.If they came to an agreement, it would only be a temporary agreement and it wouldn't last, by throwing good money in with bad!
I'm really sorry to be so harsh!but I really feel it's too late!
Give me a break MSNBC. More accurately stocks took a little slide and not even close to it being a Tumble! Stop sensationalizing stuff it is irresponsible!
Better look again, it's the closing bell dump.
I agree, everything MSNBC says about the stock market is either a tumble, slide, crash or it is rallying, soaring.
The day traders are "having fun". Nothing has changed!
The market is false, "pumped up" by US government aid/bailouts/freshly printed money.
Countries around the world are not addressing the core issues of balancing their budgets. The Euro will collapse, it is just a matter of when.
Main Street America has no jobs, which effects US consuming and the world. The US is in "political gridlock" for another year - all this means, ruh, roh!
Countries can not survive by borrowing against the future, enabling, bailing out, printing money and fighting endless, presidential police engagements.
Whether on a personal level, state level, or national level, one must live within revenue, and, that is not happening!
Tic, toc, goes the clock, until all the domino's come tumbling down!
people stop putting your hard erned money in the market,wall street will take it all,i know i lost lots of money twice,stop putting it in your 401k just to be lost!!!
Cashed out my 401k in July, 2008. A vocational instructor at the Job Corps center where I worked told me that he was advised to do the same. Supposedly, some politicians in the Salt Lake City area knew a market crash was coming and warned the instructor, who in turn, warned me. I ended up paying taxes and an early withdrawal penalty, but I still managed to salvage most of it. Point is, when there are red flags and warnings, pay attention. I won't waste my money on a 401k or invest in any type of stocks. If I want to gamble/pi$$ away my money, the Sac and Fox Casino is a few miles down the road from where I live.
F#&k Wall Street.
LOL, they call this a win streak? How about a losing streak because they haven't made up for the losses from the last week. What a joke this title is
Occupy Wallstreet!
I hope they shut it down.
As long as we have this bumbling socialist, Kensian economics lover in office, and the likes of Harry Reid/Pelosi in the mix...you can kiss any chance of business recovery. No one is going to expand/hire, do anything, and few consumers are going to spend. Everyone has "bunker mentality" just trying to outlast these anti-free enterprise tin dictators till the end of 2012. It's going to be a VERY long year ahead of us. What will remain worth saving is anyone's guess.
WE aren't going to spend for years to come no matter who wins next year. Business getting "lean and mean" has cost American workers MILLIONS of jobs while the plant owner made BILLIONS more. Something HAS to change OUTSIDE DC or the middle class is done.
Hey Beev, its Ren. You are above the heads of 90% of the viners out there. I am in agreement again with you but as you I have taken my lumps on the vine here from the libs. Hope you are having a good day! God Bless, ren
Beev ....... The last time I looked the Tea Party was causing the turmoil. It was the Bush administration that put us here. Deregulation of the banks has been a catastrophe and the way out is years from now. I'm sorry that the Bush/Cheany gang got off without even a slap on the wrist. They should both be before the world court for what they have done to us.
We're seeing "change" alright, just not sure about the "hope" part.
You may not like it but until Obama is out of the picture, no business will budge off their money.
Want four more years of the same? Go vote him back in.
No I do not.
Ron Paul 2012.
That's why we're gonna vote the other guy in, whoever he may be. Then we'll have a new and different guy to blame for all our problems. Same Stuff, Different Figurehead, mostly the same Congress and all the same Bureaucrats...
It's a 10 year recovery which, if it in any way mirrors what the Japanese went through (Remember when Americans were riding the high horse and making fun of the Japanes economic downturn?), will turn out to be 20 years and counting. You'll have quite a few administrations to blame in that time. Joke's on you!
For those of you who follow the debt crisis this article explains Euro-speak.
http://www.bloomberg.com/news/2011-09-29/what-europe-leaders-mean-when-their-lips-move-commentary-by-jonathan-weil.html
Hate to tell ya so...but I told ya so ! It's gunna be a wild ride with peaks and troughs but the trend will be to the downside. The Euro Zone debt issues won't go away and the US isn't really that much better off..people just kid themselves they are.
Give it a couple of years and you'll see places like Manhattan going back to crime levels of the 70's and 80's.
And the idiot fed governor, who is stupid and should give up his job, wants higher food and energy prices to kill off the poor and middle class. I'm sorry, folks, but it doesn't make a difference what happens to the European economy, or the Asian economy for that matter. Bernanke's only intention is to allow the pump and dumps and robber barons to starve off the poor and middle class with his idiotic policies and higher prices for all. I guess fewer common people means less traffic in the way of their Bently's and personal jets. Spend your life savings in gold if you can afford it, because as long as that piece of trash with the white beard stays in office, it will continue to rise. The recent sell-off of commodities and metals was just a short-term blurb. Wait for $6.00 per gallon gas next Summer. Happy staycation!
If you really buy chinese you are the problem
Rubbish. Its never that bad. I say keep away from gold. Its dangerous and change quickly.
I do agree with destruction of the middle class. I think the economy would of recovered alot faster if the Banks had been broken up and justice meated out to wall street with a dozen or so rats put in the big house.
That did not happen and they got away again with a slap on the wrist . They got little fines and the companies paid for individual crimes and then on top of that that money the paid the fines with was tax payers money. No friggen shame.
If you want revenge on these people. Remmeber. Make CEO pay an election issue. Do not let them take the money and run.
Make them keep the money in the company for years.
One economist proposed to put in a clause that the CEO can not be paid more then 24x the average pay of the US worker until one decade after they sign on as CEO and at 10% per anum.
Why? It means that they stuck with the company for years after they leave or years after they have been in the job. They just can take the money and burn it.
They have to worry if the company will exist or not.
I'm not anti-police, I'm anti-abuse of power… but the video of police violating 1st Amendment rights of the Occupy Wall St supporters is more than I can take.
Funny, how public sector workers such as police and corrections officers expect Americans to protect their job/pension/health care security from Republican/Conservative spending cuts (examples in Wisconsin and Ohio). But then the police union/association members pay us back by beating, gas, shoot with rubber bullets and wrongfully arresting Concerned Citizens demanding accountability from the Wall St con-artists who ruined our economy.
It seems the real criminals have had police and secret service protection. I'm on my way to the Wall Street Campground at 11 Wall St. to re-join my activist brothers and sisters in the Occupy Wall Street movement. The Class War has begun and the LAW better get out of the way.
Back in the late 90's while the Newt Gingrich and Tom Delay were busy selling out the American middle class for a very few silver spoon trust fund babies... I don't remember the public sector union workers standing up for their private sector union brothers and sisters.
This rant is for all you Johnny-come-lately's speaking out for the working class. I've been part of an accountability movement since the late 90's. The newspaper headline we used is from 4/16/99, titled: "Mattel to layoff 3,000 workers. WALL STREET CHEERED the news of restructuring, sending Mattel's stock up nearly 16 percent…"
WHAT? We all know how IT turned out now that our children had all the latest LEAD based toys from China.
Questions one must ask: How did Wall Street become the enemy of the American working class? What did the 90's Congress legislate to make it easy for Corporations to move jobs out of the country? Would the police of the time blame 3000 Mattel workers for being VERY angry? Because that news article was about as "in your face" as it gets… (See where Michael Moore got his talking points from cyberbitchslap2.blogspot.com)
Great post finally some one with a brain... Let the war begin
Thats so true. The public unions shied away from doing what was right. They let the government break up the private unions. They are going to pay for it now. When the the blow torch is put on them. No more other scapegoats. Now they are what is left. Its going to be a low but savage process of cuts on the public unions. Its going to be cut by stealth.
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These are the "job creators"? What they're doing by dumping stocks is fueling losses to my 401K by driving the stock market down. Thanks a bunch wealthy "job creators".
The wealthy job creators use the managed funds and 401ks to make money. The big banks too big to fail are back again playing yoyo with the stock exchange. They provide the platforms and computers to do it. Thats what our friend Ben at the FED did for us.
I think there might be only only less then 30 individuals responsible for this volatility. Its not investigated. It hink the wild swings are a conspiracy. I just do not have the information to proof it.