Market Recap: Stocks Hit a Triple-Digit Decline, Gold Falls, Spain Disappoints
- Posted on April 4, 2012 at 3:36pm by
Becket Adams
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Markets closed down today:
▼ Dow: -0.95 percent
▼ Nasdaq: -1.46 percent
▼ S&P: -1.02 percent
Precious metals:
▼ Gold: (NYSE:GLD) down -1.68 percent to $1,620.39 an ounce
▼ Silver: (NYSE:SLV) down -4.19 percent to settle at $31.35
Commodities:
▼ Oil: -2.07 percent
Markets closed down today because:
European debt flared again as a worry for Wall Street and drove stocks Wednesday to their worst loss in a month. The Dow Jones industrial average lost 125 points, and the price of gold plunged to its lowest level since January.
It was only the second time this year the Dow has recorded a triple-digit decline. The average gained 8 percent from January through March, its best first quarter since 1998, but has lost 1 percent already in April.
The Dow was down as much as 179 points earlier in the day. It recovered to close down 124.80 at 13,074.75. Only four of the 30 stocks that make up the average rose for the day.
A disappointing auction of government debt in Spain signaled that investor confidence in that country’s finances is weakening. Spain announced tax increases and budget cuts last week, which could hurt its economy further.
Bond yields in Spain shot higher, making it more expensive for the country to raise money. Benchmark stock indexes fell 2.8 percent in Germany, 2.7 percent in France and 2.3 percent in Britain.
Investors had scarcely stopped worrying about the fate of Greece when Spain took its place as the flashpoint of the debt crisis that has hobbled Europe for more than two years.
“It’s like when cockroaches appear: You’re never quite sure how many are out there,” said John Manley, chief equity strategist for Wells Fargo Advantage Funds.
In the U.S., the Standard & Poor’s 500 index finished down 14.42 at 1,398.96. The technology-heavy Nasdaq composite index fell 45.48 to 3,068.09, its worst decline of the year and the sixth loss in seven days.
Crude oil fell $2.54 a barrel to $101.47, its lowest level since mid-February. Investors looking for safe places to park money drove prices for U.S. government debt and the value of the dollar higher.
The euro fell as low as $1.3106, its lowest point against the dollar in more than two weeks. It traded at $1.3217 late Tuesday.
The Associates Press contributed to this article.
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cloudsofwar
Posted on April 5, 2012 at 8:04ami don’t get the stock market. if the economy is so bad why is the stock market doing so well? the cost of living is going up every week but the stock market continues to go up mostly. you would expect the opposite with Obama and his bullcrap and the inflation. the more the MSM talks about the economy the less i believe it, come to think of it i don’t watch or listen to the MSM. in fact i have little faith in everything i hear nowadays even from Glenn, Rush, whoever. this country is strong i pray we will survive Obamas down grade.
Report Post »West Coast Patriot
Posted on April 5, 2012 at 12:55pmIt is all smoke and mirrors. Go to http://dollarcollapse.com/ and stay informed on the collapse and pray we have a POTUS that truly believes in Constitutional principles when it all comes crashing down.
Report Post »sbenard
Posted on April 5, 2012 at 6:46amAnd shortly before 7 am EDT, futures are looking weak again on Thursday, also.
Greece’s water is being carried by tthe rest of Europe, but Spain is not only too big to fail. It’s too big to SAVE!
The last time we had a drop in stocks of this size in early March, Bernanke promised more monetization of the debt within hours! Wall St responded obediently with a rally within seconds of the announcement! With food and energy prices already elevated, Bernanke’s promise of still more inflation is nothing short of a treasonous act! He”ll do it anyway!
Report Post »CROCK-HANDLER
Posted on April 5, 2012 at 5:41am”Hey mom. we’re out of Charman, …..Never mind I’ve got some Euros!”
Report Post »DonaldH
Posted on April 5, 2012 at 5:20amIt’s coming!! Pesonaly I‘m torn between joining a large group of like minded people or going with a smaller group of people like a ’fire-team” or just going on my own with just my family. All the fore mentioned have their positive qualities. Someone in a earlier post mentioned Florida along with anywhere in the South as a good bug-out location, I disagree. The southern United States with its mild climate will be swamped with people from the northern U.S. as well as from south of the border IF the bottom were to fall out totally. I prefer a location that won’t be so diverse. But enough about that, the topic was more about precious metals-Gold may be handy to have but I believe the most valuable in the future will be BRASS— I’m adding another 1000 re-loadable rounds to my portfolio today :)
Report Post »jnobfan
Posted on April 5, 2012 at 2:59amI agree everyone should have some gold and silver coins in their possesion. Do not make the mistake of buying gold and have a company hold it for you. If things go bad you will never see it and won’t have it when you need it most.
Report Post »I think a great investment for your piece of mind is a small farm in the south. Many of them out there cheap. Makes a great family project for bug out and you can use it for recreation like ATV,shooting and other fun redneck stuff. Mid Florida is loaded with short sales and deals right now. Ask your accountant about it as well. That Florida mailing address and tag on your car is a good thing.
West Coast Patriot
Posted on April 5, 2012 at 2:45amWatch this http://moridinskeep.blogspot.com/2012/04/john-rubino-dollarcollapsecom-society.html
Keep up to pace with the bus going over the cliff (economic collapse) here http://dollarcollapse.com/
Report Post »lukerw
Posted on April 5, 2012 at 1:44amGet your Gold… while it’s Cheap!
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