Wicked Wednesday on Wall Street

Photo (Courtesy) http://nation.foxnews.com/dow/2011/08/10/fear-rushes-back-dow-plummets-520-points

As the old saying goes: "Here we go again."

This jobless recovery is looking more and more like the misnomer that it is. No jobs, no recovery!

Today, the Dow Jones Industrial dropped 520 points. The Dow had also dropped 635 points two days ago, on Monday; Previously, the Dow had also closed 513 points lower on Friday 8/5/11. That's a total of 1668 points loss within 4 days of trading on Wall Street.

I know that's a bunch of bad news for less that a week; But look at the bright side, at least we got Rahm Emanuel as Mayor of Chicago.

Here's the story:

US stocks plummet over 4pc

From correspondents in New York
From: AFP
August 11, 20117:09AM


US stocks plummeted over four per cent today, more than wiping out the gains of yesterday's rebound as European debt troubles and worries of a new US recession kept investors nervous.

The Dow Jones Industrial Average was down 519.83 points (4.62 per cent) to 10,719.94 at closing, compared to its 430-point gain yesterday.

The broader S&P 500 fell 51.77 points (4.42 per cent) to 1120.76, while the tech-heavy Nasdaq lost 101.47 (4.09 per cent) to 2381.05.

The drop came after much steeper falls on European bourses, spurred by worries of possible problems with Greece's new bailout deal and a rumoured ratings downgrade of France and/or French banks.

Bank shares led the drop in the US markets, amid speculation that they faced more pressure to stop parking money with the central bank and begin lending.

Source

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