New York – Stocks had their worst drop in months Tuesday, falling to session lows in the final minutes of trading, after the debt ratings on Greece and Portugal were downgraded.
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It was a rocky session as investors digested some encouraging earnings and a jump in consumer confidence against worries about sovereign debt, the Fed meeting, the Goldman Sachs hearing and financial regulation.
The Dow fell more than 200 points, its biggest decline in months, led by Alcoa, Home Depot, and Caterpillar. The S&P 500 and Nasdaq were also lower.
What goes up, must come down, spinning wheel, round and round.
Thank you Mr. President – for sharing the wealth with all of Americans by prosecuting Goldman Sachs for its ability to create opportunities, jobs, wealth, employment, food, etc. etc. for so many Americans. Wasn’t it enough to knock Lehman out of business? Where is the SEC going now?
Volatility = Goldman profits. The market will be back up 200 points tomorrow.
Anyone care to read this – enjoy!!!!
This teacher is truly a genius!
As the late Adrian Rogers said, “you cannot multiply wealth by dividing it.”
This man is truly a genius!
An economics professor at a local college made a statement that he had never failed a single student before, but had once failed an entire class. That class had insisted that Obama’s socialism worked and that no one would be poor and no one would be rich, a great equalizer.
The professor then said, “OK, we will have an experiment in this class on Obama’s plan”.
All grades would be averaged and everyone would receive the same grade so no one would fail and no one would receive an A…
After the first test, the grades were averaged and everyone got a B. The students who studied hard were upset and the students who studied little were happy. As the second test rolled around, the students who studied little had studied even less and the ones who studied hard decided they wanted a free ride too so they studied little.
The second test average was a D! No one was happy.
When the 3rd test rolled around, the average was an F.
As the tests proceeded, the scores never increased as bickering, blame and name-calling all resulted in hard feelings and no one would study for the benefit of anyone else.
All failed, to their great surprise, and the professor told them that socialism would also ultimately fail because when the reward is great, the effort to succeed is great but when government takes all the reward away, no one will try or want to succeed.
Could not be any simpler than that. (Please pass this on)
Remember, there is a test coming up. The mid-term election in 2010!
“…the debt ratings on Greece and Portugal were downgraded. “
It is interesting that today’s carnage came about because a couple of PIIGS got slaughtered.
u over simplified an advanced concept.obamas not aiming for socialism only some sharing.
To #7
You don’t understand Wall Street. Every Investment Banker creates jobs by underwriting companies and issuing stock so they can go into business or stay in business as well as research new medicines, etc,etc.
The mortgage collapse was because everyone in the US was allowed and instigated to buy houses and mortgage it to the hilt even if it was less than the value. Then it collapsed. Neither Goldman nor Lehman nor any other Wall Street firm created this mess. Maybe Fannie May and Freddie Mac (presiden’ts friends) should be sued for allowing the mortgages to get out of hand.