Holy Shit, Wall Street takes a dump on itself

[Barrister]

I see. Thanks for sharing.

[Admiral Yi]

For over the last year and a half, everyone's been pointing to the DJI as the barometer of economic health, proving we were comnig out of the recession.  Yay, we're up over 13,000! Yeah, sure.  "We".  What bullshit.

I haven't heard this a single time.

[CountDeMoney]

For over the last year and a half, everyone's been pointing to the DJI as the barometer of economic health, proving we were comnig out of the recession.  Yay, we're up over 13,000! Yeah, sure.  "We".  What bullshit.

I haven't heard this a single time.

That's because you're not listening to anything else except the price of gold.

[CountDeMoney]

NEW YORK (Reuters) - Fear returned to Wall Street on Wednesday, sending the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector.

Trading was once again marked by sharp moves on heavy volume. For a fifth straight day, the Dow industrials fluctuated in a range of more than 400 points.

"What you're seeing is a very short-term, direction-oriented market," said Eric Kuby, chief investment officer of North Star Investment Management Corp in Chicago.

Worries about the strength of French lenders, including Societe Generale, triggered a selloff in European and U.S. banks. Rumors about SocGen's financial health, which the bank denied, sent its shares tumbling 14.7 percent.

An index of European banks dropped 6.7 percent and the KBW index of U.S. bank stocks slid 4.9 percent as fear grew of a possible contagion of any French crisis. Bank of America Corp lost 10.9 percent to $6.77 and Goldman Sachs slid more than 10 percent to $110.34.

The Dow Jones industrial average lost 519.83 points, or 4.62 percent, to 10,719.94. The S&P 500 fell 51.77 points, or 4.42 percent, to 1,120.76. The Nasdaq Composite dropped 101.47 points, or 4.09 percent, to 2,381.05.

Wednesday's drop came a day after stocks rallied on the Federal Reserve's pledge to keep interest rates near zero for at least two more years.

Even after Tuesday's snap-back rally, the S&P 500 is down almost 18 percent from its 2011 closing high set April 29.

I LOL'd.

[Viking]

Yep, things look pretty shitty. I dunno, do we need something like the Bretton-Woods again? Some grand bargain?

If everything goes to shit...again I'm moving the business to Norway.

Are you being lured with the promise of free daycare and contact with grandparents?

[Ed Anger]

If it would make you feel better Seedy, I could post how much I've lost on paper these last 3 days.

[Ideologue]

I guess I'm glad I pulled my money out months ago and spent it.

: /

[MadImmortalMan]

You missed the stock trade thread. We had two jumpers today.

[CountDeMoney]

If it would make you feel better Seedy, I could post how much I've lost on paper these last 3 days.

It would.  It actually would.

[Ed Anger]

If it would make you feel better Seedy, I could post how much I've lost on paper these last 3 days.

It would.  It actually would.

Around 63K.

[The Brain]

That's nothing. Many people lost 401k.

[Tamas]

If it would make you feel better Seedy, I could post how much I've lost on paper these last 3 days.

It would.  It actually would.

Around 63K.

[Richard Hakluyt]

Enough for 31 strollers and still have change to feed your family at a decent restaurant 

[alfred russel]

Enough for 31 strollers and still have change to feed your family at a decent restaurant 

And Ed needs those 31 strollers. 

[DGuller]

That's nothing. Many people lost 401k.