Market Recap: Dow Jones Industrial Average Just Below 12,000 Before Big Greek Vote
- Posted on November 4, 2011 at 5:20pm by
Becket Adams
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Markets closed down on Wall Street today:
- Dow -0.51 percent
- S&P -0.63 percent
- Nasdaq -0.44 percent
- Oil +0.44 percent
- Gold -0.41 percent.
On the commodities front:
- Oil (NYSE:USO) climbed to $94.48 a barrel.
- Gold (NYSE:GLD) fell to $1,757.90 an ounce
- Silver (NYSE:SLV) fell 1.04 percent to settle at $34.14.
(Related: G-20 Urges EU to End Crisis, Threat to Global Economy)
Today’s markets were down because:
1) G-20: Global stocks moved downward today after the Group of 20 nations failed to agree on increasing the resources of the International Monetary Fund, a move that European governments had hoped would allow them to tap more foreign aid to help in crisis-fighting efforts.
2) Jobs: Though U.S. employment rose less than expected in October, when coupled with upward revisions to prior months’ job gains, it was enough to affect a drop in the unemployment rate, which last month reached a six-month low of 9.0 percent.
Today’s Labor Department report suggests that the economy is gaining momentum, and that there is underlying strength in the labor market. However, Europe’s debt crisis still threatens to derail the recovery, riling global financial markets and pushing consumer confidence to recessionary levels. Furthermore, the U.S. Federal Reserve on Wednesday raised its projections for unemployment in 2012.
3) Banks: Following a tumble in European lenders, American banks slumped. Even as the indexes slowly recovered after a sharp drop early in the day, banks stayed lower. Bank of America (NYSE:BAC) saw its share price fall more than 6 percent after disclosing that it would convert debt into more equity. Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Credit Suisse (NYSE:CS), and Morgan Stanley (NYSE:MS) also fell.
[Editor's note: the above is a cross post of an article that originally appeared on Wall St. Cheat Sheet]
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kevinthewriter
Posted on November 5, 2011 at 10:31am@YOUNGBLOODNEWS great advice. I‘ve been storing water and food but now it’s time to focus on the guns and ammo.
Report Post »gmoneytx
Posted on November 5, 2011 at 7:47amAn excerpt from the definition of the federal reserve…
The Federal Reserve System was created on December 23, 1913. The task of the Federal Reserve System is to maintain employment, keep prices stable, and keep interest rates at a moderate level by regulating monetary policy. Components of the Federal Reserve System also supervise banks, provide financial services, and conduct research on the United States economy and the economies in the surrounding region.
How’s that working so far?
Report Post »Gypsy123
Posted on November 5, 2011 at 3:54amSocialism the root of all financial problems. I can’t believe people invest in these countries.
Report Post »KICKILLEGALSOUT
Posted on November 5, 2011 at 12:20amThe Fed is the source of all evil and our problems, it’s the greatest ponzi scheme ever. We need to end this private global banking cartel that controls our money and is not accountable to the people. It’s like Mike Maloney said. “The Fed prints a dollar into existence and expects us to pay it back with interest but the problem is where do you get that second dollar to pay them back with?” Our system is rigged for deficit on purpose to steal savers wealth and retirements through currency devaluation. We need to get back on the gold standard and only Ron Paul is talking about that.
Report Post »RightPolitically
Posted on November 4, 2011 at 8:35pmNow we here that Obama wants US to pitch in to save Greece (which saves socialist EU). Of course, can’t have a socialist entity like Europe collapse in disgrace. If that where to occur, to many fence sitting voters in this country might finally see Obama’s precious socialist dream for what it is: A BIG FAT FAILURE!
Report Post »groundzero
Posted on November 4, 2011 at 8:55pmBern a buck nanke already printed US $, behind our backs, the last time to rescue. That was unveiled with a particle audit that Rand Paul got. He could not get a full audit. I bet Obama was over there reassure our money for them. This President has got to go.
Report Post »carbonyes
Posted on November 4, 2011 at 7:38pmDon‘t mean to burst anyone’s bubble, but the bubble, meaning the stock market, will be heading down sharply in the not too distant future, and the Obama Administration may not be able to support the market until the 2012 elections. Wouldn’t that be a shame. The damage has already been done and the good old boys are sucking air already for there are no tools available to stem the tide. Sad part about it, they know the bottom is going to fall out for that is what they have been planning for some time. They, the Obamas and Soros’s may not get their dues in this life time, but they will be getting grilled royally in the next – special seats of dishonor set aside fro them, and a goodly number of others.
Report Post »YoungBloodNews
Posted on November 4, 2011 at 7:28pmGet your money out NOW, it will collapse. Swinging wildly hundreds of points in either direction each day…..
Dont invest in gold or silver. Invest in Weapons and seeds!
Your gold wont feed or protect you in hard times. I laugh when I hear friends tell me about how much gold they have. Because all Im thinking is your gold wont do $^%# against me, my boys and our guns. You need to learn to protect yourself, instead of putting hundreds in gold go invest in firearms. The hold their value and are worth 100000000x gold when you need it.
Report Post »broker0101
Posted on November 4, 2011 at 6:18pmJust more proof that Gold is, and has been, a “Safe” invetment. Ask any Blazer.
Report Post »brntout
Posted on November 4, 2011 at 6:03pmIf there were it would be refered to as Ball Street.
Report Post »Cold War Vet
Posted on November 4, 2011 at 5:28pmTesticles. Not common on Wall Street.
Report Post »brntout
Posted on November 4, 2011 at 6:27pmSorry above post was posted to your post.Blaze is really on it again.
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