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US Stocks drop…..The Market has the European Financial Jitters……


We are just one big world community , Huh?

We sneeze they get a cold…..

They get an infection…we get a fever…….

Worry over Europe persisted as unions went on strike in Greece and investors remained concerned that trading regulations like those introduced this week in Germany could be adopted in other countries.

“Confidence and patience are beginning to wear thinner” as no new solution emerges to calm the euro zone’s turmoil, said Tim Evnin, equity portfolio manager at Evercore Wealth Management.

“The global interdependence is terrific when everything’s working,” he said, “It works in both directions. We can’t immediately disassociate ourself with parts of the world that are doing badly.”

The Dow Jones Industrial Average was down 277 points, or 2.6%, to 10168, in recent trading. The Standard & Poor’s 500-stock index fell 32 points, or 2.9%, to 1083. Earlier selling intensified after the measures broke below their 200-day moving averages, at 10258 and 1102, respectively. The S&P 500’s slide through 1100 was a key psychological move that fueled more selling, traders noted.

The measure was also on pace to post a correction of 10% from its 2010 high last month, along with the Nasdaq Composite, which was recently down 73 points, or 3.2%, at 2225. If the S&P 500 remains below 1096 through the close, and the Nasdaq is still below 2278, the measures will be down more than 10% from their 52-week closing highs reached in late April.

Sectors with the greatest global exposure posted the biggest drops, led by the material and industrial sectors as investors worried that international demand might decline……


May 20, 2010 Posted by | Blogs, Breaking News, Government, Media, PoliticalDog Calls, Politics, The Economy, Updates | , , , | 4 Comments