Dow closes below 13,000 for first time since August

[lonestar]

Now this might have been reported elsewhere but thought it deserved its own thread and since I do not see it on the first full page of WRP posts. here it is..

JeeYeon Park , CNBC

Dow closes below 13,000 for first time since August



Stocks took a sharp nosedive in a post-election selloff Wednesday, with the Dow logging its biggest decline in nearly a year, prompted by concerns over the looming "fiscal cliff" and amid renewed worries over Europe's weak economy.

The Dow closed below 13,000 for the first time since early August, while the S&P 500 finished below 1,400. (Read More: Top Post-Election Market Declines)

“It’s now how quickly we can focus on the ‘fiscal cliff’ and coming up with a resolution—that's certainly the next item on the agenda for the market,” said Art Hogan, managing director of Lazard Capital Markets. "And you still have Europe."

The Dow Jones Industrial Average was down more than 300 points in its biggest one-day drop in almost a year, dragged heavily by Bank of America and JPMorgan.

The S&P 500 and the Nasdaq also finished sharply lower. The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped near 19.

All key S&P sectors ended firmly in the red, led by energy and financials.

Apple fell more than 3 percent, pushing the tech giant down a jaw-dropping 20 percent from its all-time high of $705.07 in mid-September. The stock is now trading in bear market territory.

Obama was re-elected president Tuesday night, put over the top by the crucial battleground state of Ohio following the most expensive election in U.S. history.

Meanwhile, ratings agency Fitch said Obama needs to move quickly to avoid the "fiscal cliff," adding that failure to address the issue would likely result in a downgrade in 2013. Moody's said it would make a decision following the budget negotiations, though going over the "fiscal cliff" would not immediately trigger a downgrade.

Wall Street had favored Romney and the Republican ticket in part because it preferred their approach of retaining tax cuts, and making spending cuts. The Obama Administration favors raising taxes on the richest Americans, and also increasing capital gains and dividend taxes. (Read More: Fixing 'Fiscal Cliff' Will Mean 'High, Higher' Taxes)

more at

http://www.nbcnews.com/business/dow-closes-below-13-000-first-time-august-1C6891689#__utma=238145375.667376937.1335285469.13 35285469.1352364808.2&__utmb=238145375.1.10.1352364808&__utmc=238145375&__utmx=-&__utmz=238145375.1352364808.2.1.utmcsr=%28direct%2 9|utmccn=%28direct%29|utmcmd=%28none%29&__utmv=238145375.|8=Earned%20By=msnbc|business|sto cks%20%26%20economy=1^12=Landing%20Content=Mixed=1 ^13=Landing%20Hostname=www.msnbc.msn.com=1^30=Visi t%20Type%20to%20Content=Earned%20to%20Mixed=1&__utmk=69304787

[lonestar]

DJIA 	12932.73 	-312.95 		-2.36%
NASDAQ 	2937.29 	-74.64 		-2.48%
S&P 500 	1394.53 	-33.86 		-2.37%

http://www.msnbc.msn.com/id/3032222/...s_and_economy/

This is a MSNBC report so it has to be a must believe for the far left..

If I'm doing the math correctly total 420+ points off in one day mostly because nobama was reelected..

[lonestar]

discuss I'm out of here..

[Drek]

Originally Posted by lonestar

DJIA 	12932.73 	-312.95 		-2.36%
NASDAQ 	2937.29 	-74.64 		-2.48%
S&P 500 	1394.53 	-33.86 		-2.37%

http://www.msnbc.msn.com/id/3032222/...s_and_economy/

This is a MSNBC report so it has to be a must believe for the far left..

If I'm doing the math correctly total 420+ points off in one day mostly because nobama was reelected..

Do you actually pay attention to why things happen or do you just check the GOP talking points and run with it?

FYI, the market actually rallied back a little in late trading and the reason why it went into free fall in the morning was largely due to bank stocks tumbling.

Why would bank stocks, a group Obama has been notoriously nice to by even right wing accusations, tank so hard because he got re-elected?

Maybe it has something to do with the EU outright stating before trading opened that they expect ZERO growth all next year. Also, that they expect Germany's economic growth to start tailing off.

The big losers yesterday were primary companies like Bank of America and JP Morgan, who are leveraged heavily in European holdings to the tune of TRILLIONS of dollars each. They just got a heads up that those values won't get better for at least a year, when they're already all hanging on the verge of going junk status, and the nation bankrolling what recovery they're seeing is now likely being drug down by it's surroundings and going to run out of disposable income soon.

Couple that with only really just getting into the Sandy trading effect, which is going to cost a lot of major companies tons of infrastructure cost and lost man hours to recover from.

Simple economics man. Our market is too heavily tied to Europe's.

[Rohirrim]

Originally Posted by lonestar

discuss I'm out of here..

Seems like every day you come in here and tell everybody how superior you are to them and how you're not coming back into this forum ever again. When's that going to start?

[cutthemdown]

Investors will sell off all yr before they make the deal to avoid sequestrtation. I doubt the market finishes stong this yr but maybe consumer confidence will boost retail sales enough over the holidays. Retail doing well actually really helps the lower and middle because they work a lot in those areas. Investors not happy about Obama winning though why would liberals argue otherwise. He wants to raise tax on things like capitial gains and income. Your stance is that raising it will be good because govt will have more money to invest in the public sector.

[ghwk]

Originally Posted by lonestar

discuss I'm out of here..

Permanently we all hope.

[lonestar]

Originally Posted by Drek

Do you actually pay attention to why things happen or do you just check the GOP talking points and run with it?

FYI, the market actually rallied back a little in late trading and the reason why it went into free fall in the morning was largely due to bank stocks tumbling.

Why would bank stocks, a group Obama has been notoriously nice to by even right wing accusations, tank so hard because he got re-elected?

Maybe it has something to do with the EU outright stating before trading opened that they expect ZERO growth all next year. Also, that they expect Germany's economic growth to start tailing off.

The big losers yesterday were primary companies like Bank of America and JP Morgan, who are leveraged heavily in European holdings to the tune of TRILLIONS of dollars each. They just got a heads up that those values won't get better for at least a year, when they're already all hanging on the verge of going junk status, and the nation bankrolling what recovery they're seeing is now likely being drug down by it's surroundings and going to run out of disposable income soon.

Couple that with only really just getting into the Sandy trading effect, which is going to cost a lot of major companies tons of infrastructure cost and lost man hours to recover from.

Simple economics man. Our market is too heavily tied to Europe's.

First I did not get it from a GOP talking points. Got the idea to check it out after watching the NYC News on abc7 and the CBS station was checking out the weather.

Did a simple google search and it took me to the msnbc and NBC web sites which I quoted. To y'all libs both irrefutable sources.

In neither story did I come to the same conclusion that you obviously must have got from your progressive talking points email this morning.

Did you ever stop to think that the europeean markets are tied to our political cycle.

That the very small rally was smart folks real businessmen were buying values.
That it was not tied to your boi getting elected.

Everything I have seen or read pointed this mini crash to that last fact.

But then you stick your head back in the sand till this time in 2014. I'm sure it will be corrected then, and y'all will all be sad at that point.

Till then see You.

[lonestar]

Originally Posted by Rohirrim

Seems like every day you come in here and tell everybody how superior you are to them and how you're not coming back into this forum ever again. When's that going to start?

Just about now.

Oh I see the superior card. Talk about pot calling kettle black that is rich.

Yes IMO I am superior, making about a hundred grand a year off of investments and have almost zero expenses the houses (2) and cars (3) all paid for. So it is just the day to day expenses such as utilities, real estate taxes insurance on my property.

Sitting here in retirement while y'all are either 47% ters* or busting your balls trying to keep your heads above water. So do I feel superior.. You got me.

Tired of coming here to point out the erros of your ways. 90% of the liberals in this area are nothing but talking points reguritatars, cartoon bois or unable to say anything coherent without name calling.

So please have a ball, y'all can just circle jerk yourselves till the next election. Since this is such a high class political forum and all.

* now the reason I say that normal working people would not have the time to spend on a football forum talking liberal politics if y'all were not on some kind of government hand outs. Or your simply inheierted your miney and do not have to work. The later is unlikely so it must be a third option your doing this from work which means your not doing your work and stealing from your employer.

So yes, I think I can leave because no one will benefit from anything I have to say.

[razorwire77]

Originally Posted by Drek

Do you actually pay attention to why things happen or do you just check the GOP talking points and run with it?

FYI, the market actually rallied back a little in late trading and the reason why it went into free fall in the morning was largely due to bank stocks tumbling.

Why would bank stocks, a group Obama has been notoriously nice to by even right wing accusations, tank so hard because he got re-elected?

Maybe it has something to do with the EU outright stating before trading opened that they expect ZERO growth all next year. Also, that they expect Germany's economic growth to start tailing off.

The big losers yesterday were primary companies like Bank of America and JP Morgan, who are leveraged heavily in European holdings to the tune of TRILLIONS of dollars each. They just got a heads up that those values won't get better for at least a year, when they're already all hanging on the verge of going junk status, and the nation bankrolling what recovery they're seeing is now likely being drug down by it's surroundings and going to run out of disposable income soon.

Couple that with only really just getting into the Sandy trading effect, which is going to cost a lot of major companies tons of infrastructure cost and lost man hours to recover from.

Simple economics man. Our market is too heavily tied to Europe's.

That's where you lost him. Ben Bernanke, Timothy Geithner, Alan Krueger, Obama are all super cereal Socialists, Communist, Marxists that are ruining the global economy. They are also poopy heads.

[DenverBrit]

The so called 'fiscal cliff' has had an effect and that had a lot to do with a stubborn congress and the previous 'downgrade' caused by partisan politics.

The other issues include the perception that Romney would have been better for Wall St.

How about pointing to the market's 60% increase during Obama's first term........ah, never mind.

[Meck77]

Originally Posted by Drek

Do you actually pay attention to why things happen or do you just check the GOP talking points and run with it?

FYI, the market actually rallied back a little in late trading and the reason why it went into free fall in the morning was largely due to bank stocks tumbling.

Why would bank stocks, a group Obama has been notoriously nice to by even right wing accusations, tank so hard because he got re-elected?

Maybe it has something to do with the EU outright stating before trading opened that they expect ZERO growth all next year. Also, that they expect Germany's economic growth to start tailing off.

The big losers yesterday were primary companies like Bank of America and JP Morgan, who are leveraged heavily in European holdings to the tune of TRILLIONS of dollars each. They just got a heads up that those values won't get better for at least a year, when they're already all hanging on the verge of going junk status, and the nation bankrolling what recovery they're seeing is now likely being drug down by it's surroundings and going to run out of disposable income soon.

Couple that with only really just getting into the Sandy trading effect, which is going to cost a lot of major companies tons of infrastructure cost and lost man hours to recover from.

Simple economics man. Our market is too heavily tied to Europe's.

The stock market is correcting because Obama won which means higher taxes on stocks next year. Simple economics. I don't mess with stocks anymore but I did short the market as it was painfully obvious what would happen after it reached it's peak not long ago.

Thanks obama. Meck is going to get a new pair of shoes.

You guys want to push for new taxes yet Trillions of net worth will be wiped away from the middle class/401ks etc as the market slides.

I guess the good things is Obama/Fed no longer have excuses for their failing economic policies. When the welfare checks get cut it's going to get real interesting.

DenverBrit, the so called appreciation you speak of is a result of bogus quantitative easing. See Gold.

[Rohirrim]

Originally Posted by lonestar

Just about now.

Oh I see the superior card. Talk about pot calling kettle black that is rich.

Yes IMO I am superior, making about a hundred grand a year off of investments and have almost zero expenses the houses (2) and cars (3) all paid for. So it is just the day to day expenses such as utilities, real estate taxes insurance on my property.

Sitting here in retirement while y'all are either 47% ters* or busting your balls trying to keep your heads above water. So do I feel superior.. You got me.

Tired of coming here to point out the erros of your ways. 90% of the liberals in this area are nothing but talking points reguritatars, cartoon bois or unable to say anything coherent without name calling.

So please have a ball, y'all can just circle jerk yourselves till the next election. Since this is such a high class political forum and all.

* now the reason I say that normal working people would not have the time to spend on a football forum talking liberal politics if y'all were not on some kind of government hand outs. Or your simply inheierted your miney and do not have to work. The later is unlikely so it must be a third option your doing this from work which means your not doing your work and stealing from your employer.

So yes, I think I can leave because no one will benefit from anything I have to say.

Well, like they say, the GOP is full of angry old white men, which I guess is why they are losing elections. Not exactly a "growth industry."

Anyway, you just keep feeding yourself whatever little delusions your hate requires. Whatever keeps you happy.

[Rohirrim]

Originally Posted by Meck77

The stock market is correcting because Obama won which means higher taxes on stocks next year. Simple economics. I don't mess with stocks anymore but I did short the market as it was painfully obvious what would happen after it reached it's peak not long ago.

Thanks obama. Meck is going to get a new pair of shoes.

You guys want to push for new taxes yet Trillions of net worth will be wiped away from the middle class/401ks etc as the market slides.

I guess the good things is Obama/Fed no longer have excuses for their failing economic policies. When the welfare checks get cut it's going to get real interesting.

DenverBrit, the so called appreciation you speak of is a result of bogus quantitative easing. See Gold.

I think we should cut federal spending to the bone. We can start with all that welfare going to the red states. Too long have they suckled the federal tit.

[L.A. BRONCOS FAN]

Originally Posted by ghwk

Permanently we all hope.

We need him to stick around to keep helping Democrats win elections.

[Meck77]

Originally Posted by Rohirrim

I think we should cut federal spending to the bone.

Couldn't agree more. Can't tell you how many people I know who have stopped looking for a job and gone on food stamps just because they could get them. I'm talking guys that were once making 75k a year now getting food stamps. It's freaking insane.

I think now that Obama got the job again they'll tighten that up and basically give the welfare a big FU. It's coming.

[Rohirrim]

"It's all about the fiscal cliff," said David Joy, chief market strategist at Ameriprise Financial, AMP -0.46% which oversees $675 billion in assets. "The longer this uncertainty goes on, the more it will weigh on economic activity and investment decision-making. It's just going to have a chilling effect."
http://online.wsj.com/article/todays_markets.html

[DenverBrit]

Originally Posted by Meck77

The stock market is correcting because Obama won which means higher taxes on stocks next year. Simple economics. I don't mess with stocks anymore but I did short the market as it was painfully obvious what would happen after it reached it's peak not long ago.

Thanks obama. Meck is going to get a new pair of shoes.

You guys want to push for new taxes yet Trillions of net worth will be wiped away from the middle class/401ks etc as the market slides.

I guess the good things is Obama/Fed no longer have excuses for their failing economic policies. When the welfare checks get cut it's going to get real interesting.

DenverBrit, the so called appreciation you speak of is a result of bogus quantitative easing. See Gold.

What 'so called appreciation'?

[houghtam]

Originally Posted by lonestar

Just about now.

Oh I see the superior card. Talk about pot calling kettle black that is rich.

Yes IMO I am superior, making about a hundred grand a year off of investments and have almost zero expenses the houses (2) and cars (3) all paid for.

This says it all right here.

"Superior" does not equal "have more money".

No wonder you voted Republican.

[Paladin]

[QUOTE=lonestar;3720331]
So yes, I think I can leave because no one will benefit from anything I have to say.[/QUOTE]



Best. Post. Ever.


Don't let the door......

[L.A. BRONCOS FAN]

^

Lone Nut: All he does is help Dems win elections.

[TonyR]

Originally Posted by lonestar

Yes IMO I am superior, making about a hundred grand a year off of investments and have almost zero expenses the houses (2) and cars (3) all paid for. So it is just the day to day expenses such as utilities, real estate taxes insurance on my property.

^ I think you're FOS, but of course there's not way to prove it either way. Tell us what a few of those investments are and how you acquired them. That would be a start.

Originally Posted by lonestar

Tired of coming here to point out the erros of your ways.

This is priceless! You and your buddies have been coming here for months telling us how right you are. The rest of them have all but disappeared since they've been proven so wrong. Home licking their wounds. And I'm sure you're all still immersing yourselves in the same info sources that proved so wrong and out of touch leading up to this election. Denial is a powerful drug!

[Cito Pelon]

I think a good deal of investor pessimism has to do with the GOP again will try to obstruct the "Grand Bargain". Which is really needed.

[Cito Pelon]

Originally Posted by Rohirrim

"It's all about the fiscal cliff," said David Joy, chief market strategist at Ameriprise Financial, AMP -0.46% which oversees $675 billion in assets. "The longer this uncertainty goes on, the more it will weigh on economic activity and investment decision-making. It's just going to have a chilling effect."
http://online.wsj.com/article/todays_markets.html

Yup.

[Cito Pelon]

I've been listening to the radio, reading the papers, and the GOP power guys, the talking heads, they're saying "We didn't really lose, because our message still hit home here and there".

What I'm worried about is the GOP will try to obstruct anything positive just to "win" sometime down the road.