Finance

Dow Closes Down by 519 Points

NEW YORK (The Blaze/AP) — Stocks are falling at the close of trading as investors‘ attention returns to the weak economy and Europe’s debt problems.

The Dow Jones industrial average is down 519, or 4.6 percent, to 10,720. It’s the third time in the last five trading days that the Dow lost more than 500 points. The S&P 500 is down 51 points, or 4.4 percent, to 1,121. The Nasdaq is down 101, or 4.1 percent, to 2,381.

European bank stocks fell on worries that the region’s debt problems are getting worse. That pulled down U.S. bank stocks. Financial stocks in the S&P 500 lost more than 7 percent.

The drop erases Tuesday’s big gain following a Federal Reserve pledge to keep rates low. The Fed said it expects the recovery to remain slow.

Euronews brings us the video:

Comments (106)

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  • cloudsofwar
    Posted on August 10, 2011 at 5:05pm

    and tomorrow it will go up. big deal

    Report Post »  
    • Ookspay
      Posted on August 10, 2011 at 5:09pm

      I’ll take that bet Cloudsofwar… My guess is down another 200+

      Report Post » Ookspay  
    • hauschild
      Posted on August 10, 2011 at 5:10pm

      Why do you say this, because this is what “usually” happens?

      I think we’re entering uncharted waters. Never before have we been so far in debt at the same time as Europe and never before have we had a semi-Marxist president’s ideology go unchallenged.

      I’m sitting this one out, thank you very much.

      Report Post »  
    • jhaydeng
      Posted on August 10, 2011 at 5:14pm

      I say 9,200 before it stops!

      Report Post »  
    • Doom2022
      Posted on August 10, 2011 at 5:19pm

      The stock market isn‘t always an accurate indicator of a nation’s economic health so the market will likely fluctuate up and down on a statement or a whim. I try to watch the longer term trends in the market rather than the daily rise and fall to determine how things are going. I also believe a lot of large investors are making a killing on the knee-jerk-fear-induced reactions of the small retirement investors.

      Report Post » Doom2022  
    • Blackhawk1
      Posted on August 10, 2011 at 5:27pm

      Obamanomics!

      Report Post » Blackhawk1  
    • cloudsofwar
      Posted on August 10, 2011 at 5:34pm

      ookspay……………i don’t bet and even if i did it would not be on the stock market. will they sell before going into the weekend? maybe, but they might buy because the stocks are lower. your guess is as good as mine.

      Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on August 10, 2011 at 5:35pm

      If anyone wants to see who is really winning off of this mess with the markets; look in the direction of Soros and the supporters of the administration — especially the unions and their supporters.
      http://artinphoenix.com/gallery/grimm (cat folk gallery)

      Report Post » Snowleopard {gallery of cat folks}  
    • Ookspay
      Posted on August 10, 2011 at 5:48pm

      I hear ya Clouds…

      Report Post » Ookspay  
    • 308Hammer
      Posted on August 10, 2011 at 5:51pm

      It will stop around 9000.

      Report Post »  
    • godlovinmom
      Posted on August 10, 2011 at 6:14pm

      No big deal is right, it’s all a game, and we’re the pawns. :0(

      Report Post » godlovinmom  
    • tifosa
      Posted on August 10, 2011 at 6:21pm

      Thanks goes to the Teapublicons. If it was up to Bush, this would be your Social Security.

      Report Post » tifosa  
    • ilovepotatoes
      Posted on August 10, 2011 at 7:35pm

      ill take the over on those points

      Report Post »  
    • seeker9
      Posted on August 10, 2011 at 7:46pm

      My bet is the market will fluctuate! Buy the dips, sell the rips! AAPL is having 20 pt moves in a day. We are close to a rip-your-face off move to the upside. Main problem today was France.

      Report Post » seeker9  
    • Ookspay
      Posted on August 10, 2011 at 7:55pm

      @seeker9, I hope you are right… but The news out of Europe will only get worse and be a drag on Global markets. Europe‘s banks are not in great shape and there will be a similar crisis as we faced in fall of ’08, bad mortgages and balance sheets. My guess DOW 8500 before the end of August.

      Report Post » Ookspay  
    • seeker9
      Posted on August 10, 2011 at 8:40pm

      @ookspay

      Of course, you are right. It’s an iffy situation. I keep the stakes small for now, I will not be completely wiped out if the situation worsens.

      Report Post » seeker9  
    • SHOWMESTATEGUY
      Posted on August 10, 2011 at 10:21pm

      JHAYDENG,
      You need to go lower with your estimate.

      Report Post »  
    • Carolina Infidel
      Posted on August 11, 2011 at 7:20am

      WHat will happen is another round of quantitative easing that will flush all of the large banks with fake money that can bolster the fake numbers on Wall Street with uninflated dollars close to the election.
      I don’t believe the DOW should have ever breached 9000 in the first place just like my $130,000 home should have never been valued at $180,000.
      Most of the “economy” during my adult life has been fake, maybe my entire life but I didn’t start learning about it till about 5 years ago. A consumer based economy with a central bank controlling interest rates instead of the market can never give a true guage of an economy’s health. The fact that all we do is buy and not manufacture will be one of the greatest factors in our demise.

      Report Post »  
  • oddball130
    Posted on August 10, 2011 at 5:03pm

    Whats the suprise?? Obama said he was going to fundamentaly change America. He said he was going to spread the wealth around, ie taxpayer dollars. That’s made the debt 4 times what it was with Bush. And he was growing Government to, just not at the speed Obama is. What’s a shame is all the the people who voted for this guy and didnt bother to educate themselves as to what he really was, a progressive liberal who really hates America as a Republic but wants to change it to a State Capitalist society like Europe or to some extent, like China. Our society has brought this on ourselves. And we all will reap it’s whirlwind.

    Report Post » oddball130  
    • Doom2022
      Posted on August 10, 2011 at 5:10pm

      Good comment OddBall, between liberal activism and conservative complacency we did ask for a lot of what we are getting. However, now is the time to go into action and stop the slide into chaos and slavery.

      Report Post » Doom2022  
    • HairOfTheDogSob
      Posted on August 10, 2011 at 5:10pm

      Remove bobbekhell what a waste of air

      Report Post » HairOfTheDogSob  
    • tifosa
      Posted on August 11, 2011 at 4:37am

      It‘s no coincidence that 7 months after the R’s take control of the purse strings of America the economy is in free-fall.

      Report Post » tifosa  
    • The Eradicator
      Posted on August 11, 2011 at 8:47am

      Tifosa…to try and combat ur statement is about as pointless as reading your posts. In case you haven’t noticed, the economy has been in trouble for a very long time. BO hasnt done one damn thing to help it. Ah forget it, you libs… Moreover, progressives will never get it.

      On a side note, I am proud to be an American and will always be! Don’t give up folks! This country needs God and courageous leaders!

      Report Post » The Eradicator  
  • gpk
    Posted on August 10, 2011 at 5:02pm

    I think large insurance compaines are next. Brother can you spare a dime?

    Report Post »  
    • LadyIzShy
      Posted on August 10, 2011 at 5:26pm

      I agree soon they will fall.. along with banks again.. IF they dont bail them all out on the sly

      Report Post » LadyIzShy  
  • sillyfreshness
    Posted on August 10, 2011 at 5:02pm

    Get ready for an economic collapse……

    Report Post » sillyfreshness  
    • Ookspay
      Posted on August 10, 2011 at 5:22pm

      I’m Ready!

      Three Sig Sauer 556 assault rifles with 5,000 rounds and all the goodies including Eotech holographic sights.

      Four Mossberg 500 persuaders, 8 shot riot guns with ghost rings and bandoliers loaded for bear. 50 boxes of shells.

      Two Sig P226 .40 cal, 16 shot magazines with hollow points, 2,000 rounds.

      Three close friends, trained and ready “muster”…

      Yeah Ookspay’s READY!

      Report Post » Ookspay  
    • Steel Awesome
      Posted on August 10, 2011 at 11:00pm

      It also doesn’t hurt to have a good supply of magazines and cleaning supplies.

      For your guns, that is.

      Report Post » Steel Awesome  
  • dudeman4
    Posted on August 10, 2011 at 4:59pm

    ….Mayday…Mayday….

    Report Post »  
    • Ookspay
      Posted on August 10, 2011 at 5:13pm

      @HairOfTheDogSob “Heavenly Father..Yah..I Pray for the removal of every black politician ..In Jesus Name Amen!”

      Thou shalt not take the name of thy Lord in Vain. I assure you, God does not appreciate your racism espoused in his name, Good luck!

      Report Post » Ookspay  
  • heyjim55
    Posted on August 10, 2011 at 4:58pm

    We are not at the bottom and there is more to come I suspect mutual bonds and the bond markert as a whole will go down. Many states will have their rating lowered, we are heading into what many have predicted very hard times while our elected rulers ignore us and enjoy themselves. If you are in the stock market get out! if you have 401k get out if you can buy gold if you can or cash it out because the Federal Government will take it from you sooner or later as there is a Bill already written and just waiting for approval when needed. I recomend you read the International Forecaster online just google it he will tell you what’s coming he has been dead on with his warnings.

    Report Post »  
  • Doom2022
    Posted on August 10, 2011 at 4:58pm

    Einstein said, “We can’t solve problems by using the same kind of thinking we used when we created them.”

    I believe he also said something like (paraphrasing), “Insanity is defined as trying to solve a problem the second time using the exact same solution and expecting different results.”

    It’s time for different thinking in Washington.

    Report Post » Doom2022  
  • cntrlfrk
    Posted on August 10, 2011 at 4:58pm

    ‘

    When I told people this would happen if they voted for Obama they called me a racist.

    .

    Report Post » cntrlfrk  
    • ME
      Posted on August 10, 2011 at 5:09pm

      We are still all racist, I think its only card the left has left. HOPE what a joke should have been HYPE

      Report Post » ME  
    • j_blaze14
      Posted on August 10, 2011 at 5:10pm

      yup, cause even if you’re right they can still call you racist. its not cause you’re informed or anything, there is only one reason to disagree with obama. i think to call someone racist you must first be racist yourself, i say that cause i’ve never called anyone racist or thought it. don’t listen to stupid people, there is a fine line between ignorance and arrogance.

      Report Post »  
  • TeaPartyPatriot
    Posted on August 10, 2011 at 4:56pm

    “Stocks plunge as attention returns to weak economy”

    Whether it’s the “obozo downgrade” or the “obozo economy” or “obozocare” – everything associated with this incompetent clown is BAD, BAD, BAD, BAD.

    Report Post » TeaPartyPatriot  
  • TraceyM
    Posted on August 10, 2011 at 4:56pm

    Thanks for this Mr. President.

    Report Post » TraceyM  
  • I.Gaspar
    Posted on August 10, 2011 at 4:52pm

    Barrack … Depression …Obama….hmmm….hmmm…hm…hmmm…

    Report Post »  
    • michael48
      Posted on August 10, 2011 at 4:56pm

      thank goodness Comrade “Omama” didn’t open that fly-trap and throw a TELE-TANTRUM…he!! the market would’ve packed up and moved to Messico…more capitalism there than in Socialist States of Americano…

      Report Post »  
  • thecrow
    Posted on August 10, 2011 at 4:51pm

    http://michaelfury.wordpress.com/2011/08/09/think-of-it/

    Report Post »  
  • skippy6
    Posted on August 10, 2011 at 4:50pm

    It’s only a matter of time before the great crash!!!!

    Report Post » skippy6  
    • loriann12
      Posted on August 10, 2011 at 4:54pm

      Now I’m glad we had no choice but to cash in our 501, the 429 education fund in order to live last year.

      Report Post »  
  • gmoneytx
    Posted on August 10, 2011 at 4:50pm

    I hope there is a trash can next to this roller coaster ride, I gonna puke!

    Report Post » gmoneytx  
  • sissykatz
    Posted on August 10, 2011 at 4:48pm

    Anyone have any predictions as to what is going to happen?? My broker has been calling all week. I have moved most out but still have some in. He is saying they are expecting a real “Crisis” but he would not be anymore specific than that………??????

    Report Post »  
    • hauschild
      Posted on August 10, 2011 at 5:08pm

      Actually, I thought this would happen last year, but they were able to “mask” the problems. I ended up moving my stuff out about two weeks ago. Conventional wisdom of standing pat isn‘t gonna cut for me because we’re up against a whole ‘nother animal now. This isn‘t the early 1980’s when we had competent leaders grab hold of the reigns and pull tight. Now, we have complete imbeciles in both parties throwing caution to the wind. So, you think I’m gonna keep most of my life savings in stocks and at the mercy of idiots? No freaking way!

      Report Post »  
    • LadyIzShy
      Posted on August 10, 2011 at 5:33pm

      i heard the same but no clue just “what” it is.. but you can bet they wont a crisis go to waste.. watch the other hand

      Report Post » LadyIzShy  
    • ilovepotatoes
      Posted on August 10, 2011 at 7:54pm

      i think we are in trouble. The bottom has to be lower than 8000 right? You can’t pin this on Bush though. The stimulus package hurt. Inflated the economy, and gave people a false confidence? But two/three years later nothing has really changed in the market since the first crash, except the stimulus pushed the bottom up from its previous low of ??? look it up, i would give it a few points higher than that number simply because there has so be some of that stimulus money that will remain in the market, but i don‘t see why it won’t mirror a few years ago, all we can hope for is that the next round of bailouts don’t happen, and the American people can pick up the rather large pieces of toppled corporations. We can also hope for foreign stimulus packages? But unless you’re on top of the markets getting in or out i guess is a matter of how much time u think you have left on earth. Unless you want that money in the next 10 years more or less might as well ride it out, right?!!

      Report Post »  
  • Seabee79
    Posted on August 10, 2011 at 4:45pm

    Clinton said: I feel your pain.
    Obama says: I’m causing you pain.

    Report Post » Seabee79  
    • Living In NYC
      Posted on August 10, 2011 at 4:47pm

      You are so right…loss jobs, loss businesses, loss value in homes, loss American wealth, 401K’s in the tank and Barry blames the Tea Party and Private Jet Owners

      Report Post » Living In NYC  
  • A Doctors Labor Is Not My Right
    Posted on August 10, 2011 at 4:44pm

    The Fed’s easy credit policy is making the economy worse!

    Intervention and Economic Crisis
    http://www.lewrockwell.com/woods/woods129.html

    Report Post »  
  • Living In NYC
    Posted on August 10, 2011 at 4:44pm

    Thanks to Barry and his ignorant waterboys….we have lost probably another trillion dollars of American Wealth in three days!

    Fire Timmy and quit the spending you ignorant fool!

    Report Post » Living In NYC  
    • hauschild
      Posted on August 10, 2011 at 7:48pm

      If he did that, he would be contradicting his true intentions. The Marxist knows it is much easier to “dethrone” those on top than to try to get those on the bottom to aspire or endeavor to persevere. It used to be poor people might not have had money, but they had class. Pretty much not the case these days.

      Report Post »  
  • Seabee79
    Posted on August 10, 2011 at 4:42pm

    Did Obama open his mouth again????

    Report Post » Seabee79  
  • saranda
    Posted on August 10, 2011 at 4:42pm

    Market in Canada was up today. Nice to be able to invest in a country with a strong currency and solid banking system.

    Report Post »  
  • mossbrain
    Posted on August 10, 2011 at 4:42pm

    Meh, so what. Life is not fair. Obama will try to prop up the market some more so that they can whipsaw the small investor suckers. Might as well milk them for all they can get, the insiders have their eyes on yachts as big as aircraft carriers.

    Report Post » mossbrain  
    • cloudsofwar
      Posted on August 10, 2011 at 6:03pm

      you think soros might be an insider? s&p downgrade nets him 10billion, so some say. if this is true how much did BO get. i just want to dip my beak says the goldfather.

      Report Post »  
  • 101
    Posted on August 10, 2011 at 4:41pm

    Gold hits $1776.10 oz ….Silver $39.26 oz

    Have you invested in gold/silver yet? The paper fiat money is junk notes!

    Report Post »  
    • Anonymous T. Irrelevant
      Posted on August 10, 2011 at 5:01pm

      As soon as I do, it would go down. Things just happen that way for me.

      Report Post » Anonymous T. Irrelevant  
    • 101
      Posted on August 10, 2011 at 5:45pm

      They predict gold will hit $2500.oz by the end of this year. Silver to gold ratio is 45:1 that ratio will close to 15:1. So gold is a great hedge and silver is a hedge/investment.

      Gold hits $2500.oz @ 45:1 puts silver at $55.5 a ratio @ 15:1 silver will be valued @ $166.5oz …both gold & silver are still way undervalued due to they haven’t kept up with inflation, artificially suppressed by BIG money bankers over the years why do you think they’re hoarding gold instead of bank notes.

      I hate buying high but, funny how one’s own skepticism turns to optimism over time $$$$

      Report Post »  
    • Ookspay
      Posted on August 10, 2011 at 5:58pm

      Right On 101. I was recently in Vegas and bought a bunch of 43 gram Chinese .999 silver bars, they have almost doubled in value in 3 weeks!

      I bought them from the “Pawn Stars” pawn shop, pretty cool. I still can’t figure out why the Chinese made 43 gram bars, oh well…

      Report Post » Ookspay  
  • Ryan Beaulieu
    Posted on August 10, 2011 at 4:38pm

    Hope and Change

    Report Post »  
  • LadyIzShy
    Posted on August 10, 2011 at 4:38pm

    this is NOT the bottom folks. I watched the markets VERY closely the last week or so since I sold as much stock as I could.. I heard a trader say just before the close today they are waiting for the other shoe to drop, when asked w hat that shoe was he said he was ordered NOT to say..

    Report Post » LadyIzShy  
    • saranda
      Posted on August 10, 2011 at 4:44pm

      Conspiracy behind every door. GB would be proud of you.

      Report Post »  
    • Shawn-GA
      Posted on August 10, 2011 at 5:14pm

      Liar.. you or “he” but someone is full of stinky stuff here

      Report Post » Shawn-GA  
  • FaithfulFriend
    Posted on August 10, 2011 at 4:37pm

    Would you like another?

    Report Post » FaithfulFriend  
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