The Dow and S&P 500 had their second-worst drops of the year, as news across the globe put investors in a nasty funk. The Dow was off 251 points, or 1.96%. The S&P 500 fell 30.2 points, or 2.2%.
How did the world disappoint traders today? Oh, let us count the ways: manufacturing surveys out of China and Philadelphia were weak; weekly jobless claims basically went nowhere despite expectations that they’d dip; an audit said Spanish banks might need as much as 62 billion euros; Goldman Sachs told investors it’s time to short the S&P 500; commodities got crushed, with Nymex oil futures falling below $80 per barrel.
And reports said Moody’s was about to release downgrades of numerous banks, which could send their borrowing costs skyrocketing. As of 4:30, the Moody’s reviews had not yet been released.
No comments:
Post a Comment