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Subscribe to RSSWall Street fell sharply Monday, as investors digested downbeat news from Europe, U.S. bank earnings and a major corporate deal.
The Dow Jones industrial average was down over 200 points in afternoon trading.
Worrying investors worldwide were comments by Germany's finance minister who said a forthcoming summit would not yield a definitive solution to Europe’s debt crisis.
Reuters reported that Wolfgang Schaeuble said European governments will not resolve the crisis at the European Union meeting scheduled for Oct. 23. U.S. stocks had climbed in anticipation of a resolution to the crisis at that meeting, the news wire said.
The worries about Europe eclipsed a deal by Kinder Morgan to buy rival El Paso, uniting the two largest natural gas pipeline operators in North America.
Also, major U.S. banks Citigroup and Wells Fargo reported higher quarterly net income.
In economic news, a gauge of manufacturing in New York State contracted for the fifth month in a row in October as new orders were flat and the outlook for the coming months weakened, Reuters said. Separately, U.S. industrial production increased 0.2 percent in September after an unchanged reading in August.
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From what I read yesterday in the news msnbc said the market was going up a lot and not down and the big stories was getting rich but i see Lowes is closeing 20 and not making a dime.
Whoever does the market analysis for MSNBC must be part time because they're pretty bad.
Oh well, those in the stock market can say anything they want and the public will believe it. "Cry wolf".
The lights are on in the big box stores through out the nation, but no one is home.
The lights are on in the White House, but (fill in the blank).....
And shares will be up tomorrow as these traders earn their commissions from sales or purchases.
Earn a bundle Monday selling @!$%#: Earn a bundle Tuesday buying the same @!$%# back.
So true. This market is messed up. Just seems like a seesaw for no logical reason. Someone sneezes or catches a cold, market drops. A CEO found a $100 bill in there pants pocket, market up 300.
Wasn't it just Saturday when "the experts" said that wall street was poised for a big rally? It should be obvious to anyone by now that "the experts" haven't got a clue. These are the same people that several years ago were saying to buy the most expensive house you could qualify for because it was such a great long-term investment, and to take out all the equity in you home to buy more real estate 'cause, golly, it's just the best investment there ever was!. Bubble, what bubble. To think there are people who depend on these jerks for financial advice is terrifying. They take their financial advice from such well respected economists as Pat Boone and Fred Thompson and buy gold and drive the price up beyond all sanity, another bubble. And who are these wall street investors anyway, somebody burps somewhere in the world and they panic and sell everything, then the next day someone smiles and they buy, buy , buy. Man this is just pathetic
Experts are bought and sold by who is paying them to say that. The media does not report the news for free. They get paid and they have no scruples as to telling the lie and twisting it to appear as the truth.
The stock market is the dumbest thing ever...everyone knows that europe is in a mess...quit using that to explain ups and down...it wont be fixed in the next 10 years...this is why I dont bother with the stock market...people will feel a breeze and panic and sell only to rebuy in an hour...hey here is an update NYSE...tomorrow europe is still going to be in trouble, the US economy is still going to suck, there's going to be rain in one area and no rain in another...you better SELL SELL SELL...oops mean BUY BUY BUY
So the bubble pops today?
My granddaughter plays with bubbles and just like the stock market when she blows on the wand she creates the bubbles which goes up and then pops just like the stock market.
I wonder if these huge corps bottom line would look better if they stopped paying out millions of dollars every time a failed exec leaves.
Never will happen. These modern day pharaohs expect to take their money to there grave and will use it in the next life.
I can't understand how the media act as if they know how the market is going to act before it even does...
And why in the hell do we keep falling for the carp
People the Media, Wall Street, all is the same... they tell the story and they run the Market...
Only real people will affect Wall Street and do something about greed within - that's by taking our money out of the banks...
and not paying the credit card bills ... until Corporation bring down gas prices and stop fees, and such...
We can make it harder for them to gain profit and for them to take advantage of our patronage...
Customers rule - not Corporations!!!
TRUTH - not CRAP
Thank you and GOD BLESS AMERICA
Sorry, crap sales.