Finance

Market Recap: Stocks Decline on Greek Crisis

Markets closed down on Wall Street today:

  • Dow -0.05 percent
  •  S&P -0.25 percent
  • Nasdaq -0.16 percent
  • Oil -0.59 percent
  • Gold -0.21 percent

On the commodities front:

  • Oil (NYSE:USO) fell slightly to $98.97 a barrel
  • Gold (NYSE:GLD) falling to $1,731.70 an ounce
  • Silver (NYSE:SLV) fell 1.04 percent to settle at $33.44

(Related: The Decline and Fall of Print Media)

Today’s markets were down because:

1) Greece: Stocks slipped today as investors awaited news from a European summit in Brussels where leaders are expected to approve a permanent rescue fund for the euro zone and put the finishing touches on a so-called “fiscal compact” for stricter budget discipline.

But discussions devolved into a sparring match between Greece and other nations critical of Greece’s half-hearted efforts to get its deficit under control. The country has yet to effect a debt writedown deal with private creditors needed if Greece’s troika of lenders — the European Union, European Central Bank, and International Monetary Fund –  are to release its 130 billion-euro bailout now thought to be insufficient to buoy Greece’s flailing economy.

2) Spending: Consumer spending was completely flat in November, the Commerce Department reported this morning. Though spending rose 4.7 percent for the year, when adjusting for inflation, it fell 0.1 percent in the final month of 2011, breaking three months of gains and setting the tone for a slowdown in 2012.

3) Banks: Financial stocks were among the worst performers on Monday, with Bank of America (NYSE:BAC) the biggest decliner on the Dow, falling about 3 percent. Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), and Morgan Stanley (NYSE:MS) all declined between 1 percent and 2 percent.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

Comments (15)

  • lukerw
    Posted on January 30, 2012 at 8:00pm

    When the Roman Emperor Constantine died… for months, no one would say it, because they expected him to become alive again, alike Christ… so, in Constantinople, Laws were read to the deceased Emperor, and without Veto, they were Passed.

    Tis the story of Greece!

    Report Post » lukerw  
  • TRILO
    Posted on January 30, 2012 at 7:12pm

    The powers that be will come up with some new scheme and the market will soar. Just to fall back down because of new “fears of collapse”. I am so sick of hearing about this. Greece has been going bankrupt for over a year now. Enough already. The other EU nations will not be too far behind. Then the SHTF here.

    Face it they are collapsed, bankrupt, broke, however you want to label it or however you want to sugar coat it, and so is this country. Lies, Lies, and more Lies is all we hear from the politicians in both the Democratic and Republican Party and from the governments around the world. They would not know the truth if it knocked them in the head.

    Report Post » TRILO  
  • dsind
    Posted on January 30, 2012 at 6:13pm

    Obay me is leading us straight for socialist stupidity!

    Allen West to Obama, Reid, Pelosi: ‘Get the Hell Out of the United States of America’

    Report Post »  
    • TRILO
      Posted on January 30, 2012 at 6:51pm

      And take ALL the representatives and Senators that voted for the NDAA and the Budget Control Act of 2011 that raised our debt by $2.4 Trillion with them. Oops… West would have to go too.

      Report Post » TRILO  
  • AvengerK
    Posted on January 30, 2012 at 6:06pm

    We’re watching Europe collapse in slow motion. The best move Greece could make is drop the Euro, float the drachma and privatize, privatize, privatize. Around half a decade of hardship then they’d begin to right themselves. In typical Euro-socialist style, the EU aristocracy keeps throwing money at the bottomless pit of Greek entitlements while cutting 70% from Greece’s debt holders. What’s happening is they really know Greece will default, but they’re trying to save Spain and Italy. The PIIGS have been fed too well however and the bill has come due and no one can pay it. Meanwhile Obama wants to turn us into Europe. My guess is Greece will tank by the end of the first quarter followed by Spain, Portugal and Italy. Who knows…with a bit of luck all this austerity and unrest may drive most of the muslims who’ve flooded Europe in recent years out of Europe? How’s that for glass is half full? Greece cannot sustain the hundreds of thousands of muslims immigrants there today that use Greece as the springboard into Italy and Germany. They are not integrating. They’re bringing crime with them. In short…Greece should leave the EU, drop the Euro cut off the unfettered muslim immigration and concentrate on getting itself on it’s feet again. But the EU aristocracy has to much to lose from that. So Greece is kept dangling for as long as possible. As for flat consumer spending here..hey didn’t Obama telling the Union is doing great? He meant “the unions” folk

    Report Post »  
  • cuinsong
    Posted on January 30, 2012 at 5:59pm

    Well I am hedging my bets on 2012 after this news. things look suspiciously close to prophesy to me and it sounds like “The End Times”
    http://www.reverbnation.com/play_now/song_10381143

    Report Post » cuinsong  
    • ModerationIsBest
      Posted on January 30, 2012 at 6:19pm

      People have been saying for this generations.

      Something else I can’t help but laugh at when it comes to religion. Talk about being humble yet every generation thinks that they’re living in the end times…..how egotistical and self centered of you. It’s a sick joke.

      Ronald Reagan was so sure what was happening in the middle east resembled “end times” that he had Jerry Falwell in on defense briefings. Yes, an American President consulting an absolute nutjob.

      George W Bush said God told him to go in Iraq……good call there God. He also had weekly conference calls with Ted Haggard, that’s right the homosexual hating leader of the Evangelical church who got caught having sex with a male prostitute while using drugs. George W. Bush also had 150 people who graduated from “Regent University” working for the United States government. The school was owned by…….Pat Robertson, yes that’s right the crazy nutjob televangelist who is a textbook biblical definition of a false prophet.

      Cain, Bachmann and Perry all said God told them to run……maybe they misheard him?

      Welcome to the new theocracy.

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 7:22pm

      “Something else I can’t help but laugh at when it comes to religion. Talk about being humble yet every generation thinks that they’re living in the end times…..how egotistical and self centered of you. It’s a sick joke.”

      I can’t help at laugh at scoffers like you who think everything is fine…were you in every generation? how do you know past generations thought they were in the end times? talk about egotistical, arrogant and presumptuous…

      ” Jerry Falwell in on defense briefings. Yes, an American President consulting an absolute nutjob.”

      calling people you disagree with names…how ‘tolerant’ of your fascist self…and he was a great deal smarter than you are…have you founded a university yet? I’m betting not…

      “God told bush to invade iraq”

      really? consider the source…One of the delegates, Nabil Shaath, who was Palestinian foreign minister at the time,….I have a bridge to sell ya….its easy to see you’re a democrat, easily led and uneducated…

      yeah I can see why you hate bush so…that 5% unemployment rate…it was just AWFUL…thank god your savior obama has made it SO much better…

      “George W. Bush also had 150 people who graduated from “Regent University” working for the United States government. The school was owned by…….Pat Robertson,”

      you‘re just upset you’ve never graduated from high school…

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 7:26pm

      “Welcome to the new theocracy.”

      it would be far better than the hellish fascist state you want.

      Report Post »  
    • ModerationIsBest
      Posted on January 30, 2012 at 7:39pm

      @Rush

      I have a Bachelor’s degree in business. Nice one though.

      Stop being a moron.

      Again, I could counter with, “you’re the one who believes a snake actually talked to Eve” and you would counter with what you THINK is a good argument of, “Well you’re the one who is stupid enough to think evolution has occurred”, but in reality it just shows you have the mentality of a child.

      This is what I’m talking about.

      The Republican party has been hijacked by the ultra conservative, god fearing, science hating(until they need it to save their life) morons. No wonder the majority of people I talk to(even some Christians) think that this Republican primary has to be some kind of sick joke with the candidates the party has churned.

      If the party doesn‘t shape up and actually nominate someone who isn’t crazy, you will lose the “battle” against the Democrats.

      Oh and to say I want a “hellish fascists” state is a total Rush Limbaugh talking point that isn’t true. Glad you didn’t stray to far from your normal posts.

      Report Post »  
    • ModerationIsBest
      Posted on January 30, 2012 at 7:58pm

      Once again you are talking about things you have no idea about.

      I am an independent but registered republican. I agree with them on a lot of things especially when it comes to fiscal matters. I am likely more fiscally conservatives then most conservatives. I am for personal responsibility, but am not for forcing that personal responsibility on others.

      I voted against Obama in 2008, and won’t vote for him 2012. That doesn’t necessarily mean the Republican party has secured my vote. It is these candidates that the Republicans keep churning out that keeps me from wanting to associate fully with the party.

      I have an education, and am not easily led, which is why I’m not a religious person. Unlike you, I don’t view being a “sheep” as something to be desired. I enjoy thinking for myself.

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 9:04pm

      “I have a Bachelor’s degree in business. Nice one though.”

      your posts don’t reflect it….tell me how you can support failed socialist policies.

      “Again, I could counter with, “you’re the one who believes a snake actually talked to Eve””

      and your proof she didn’t is?? since the bible has been proven to be reliable over and over and over again, despite the best efforts to discredit it over the centuries, I’ll trust the bible over a bunch atheists with no evidence or facts on their side.

      ““Well you’re the one who is stupid enough to think evolution has occurred”, but in reality it just shows you have the mentality of a child.”

      well why don’t you try arguing evolution with me? I’ll make you look foolish, and you know it.

      “The Republican party has been hijacked by the ultra conservative, god fearing, science hating(until they need it to save their life) morons”

      you’re a talking point parrot. all you can do is repeat the democrat line….romney and newt, ultra conservative…just laughable. oh and that science you love so was founded by christians…and evolution adds nothing to science…

      “think that this Republican primary has to be some kind of sick joke with the candidates the party has churned.”

      the only thing sick about it is how any real conservative could vote for newt or romney.

      at least we’re not running straight up fascists like your party does.

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 9:08pm

      “If the party doesn‘t shape up and actually nominate someone who isn’t crazy, you will lose the “battle” against the Democrats. ”

      with newt and romney, there’s not much difference…

      “Oh and to say I want a “hellish fascists” state is a total Rush Limbaugh talking point that isn’t true. Glad you didn’t stray to far from your normal posts.”

      given your posts, its painfully obvious. you support obama…what do you think his program is? hmmmm???

      “I am an independent but registered republican. I agree with them on a lot of things especially when it comes to fiscal matters. I am likely more fiscally conservatives then most conservatives”

      oh of course you are…right……more talking points…you democrats need to come up with some new lines…

      “I voted against Obama in 2008, and won’t vote for him 2012.”

      oh yeah I believe that…..

      “I have an education, and am not easily led, which is why I’m not a religious person. Unlike you, I don’t view being a “sheep” as something to be desired. I enjoy thinking for myself.”

      your posts don’t show it…you follow the herd…posting talking points…you are a sheep….following the popular opinion…its much easier than thinking for yourself….

      I’ll tell ya what…lets prove you can think for yourself…debate me on evolution…and lets see how educated you really are.

      I‘m betting you’ll slink out…..

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 9:13pm

      oh and lets see how fiscally conservative you are….list the departments you wish to eliminate…

      i’ll start…

      education
      energy
      commerce
      homeland security
      agriculture
      HUD
      interior

      along with EPA, DEA, ATF…and a host of alphabet soup agencies…

      I‘m sure a good ’fiscal conservative’ like you would agree right? since you’re of course more fiscally conservative than I am, you should have no problem beating my list…right?

      oh and of course I would privatize SS and medicare….and have people buy health insurance like car insurance…

      Report Post »  
    • rush_is_right
      Posted on January 30, 2012 at 10:12pm

      “I have an education, and am not easily led, which is why I’m not a religious person. ”

      oh this is too funny…yeah people like CS Lewis, Pasteur, Faraday, Von Braun, Planck, kelvin, Mendel, Babbage, Newton, keplar, pascal…some of the greatest intellects in history…..all believers…

      I‘m sure you think you’re much smarter than they were…yeah you’re a legend in your own mind…

      Report Post »  

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love