Market Recap: Stocks Struggled as Occupy Tried to Shut Down Wall Street
- Posted on November 17, 2011 at 5:00pm by
Becket Adams
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Markets closed down on Wall Street today:
- Dow -1.13 percent
- S&P -1.67 percent
- Nasdaq -1.96 percent
- Oil -3.53 percent
- Gold -3.10 percent
On the commodities front:
- Oil (NYSE:USO) fell to $98.97 a barrel
- Gold (NYSE:GLD) fell to $1,719.30 an ounce
- Silver (NYSE:SLV) fell 6.82 percent to settle at $31.52
(Related: IMF Awaits Political Support Before Releasing Greek Aid)
Today’s markets were down because:
1) Europe: Germany continues to object to letting the European Central Bank (ECB) act more aggressively to contain the crisis, while France, finding itself in danger of contagion as bond yields climb to euro-era highs, renews its efforts to convince Germany that ECB support for Europe’s rescue fund is the best, and possibly only, way to counter the debt crisis.
With the eurozone’s two largest economies divided, Greece and Italy still trying to get their footing with new governments, the situation in Europe was more than enough to rattle investors today.
2) Jobless: Initial jobless claims came in lower than expected at 388,000 for the week ending November 12, down from 390,000 in the week prior, a figure that was the lowest since April. Any number below 400,000, if sustained for a significant amount of time, implies that the economy is adding jobs, and that unemployment is in decline. However, with the Occupy Wall Street movement in New York and around the world grabbing headlines, and Europe continuing to be at the forefront of business and economic news, U.S. economic data just wasn’t enough to buoy markets.
3) Tech: Although Angie’s List hit a home run with its initial public offering today, Hewlett-Packard, Intel, and Cisco were among the many tech stocks weighing down the market as the entire computer industry has been hit by a decline in Western European PC shipments.
[Editor's note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]
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dregstudios
Posted on November 17, 2011 at 9:57pmWe are in the midst of the first ever GLOBAL protest against corporate greed and their molestation of our government. People around the world are standing together to raise their voice against the oppression of the 1% and their corporate welfare and lobbying which are eroding our economy and country from the inside out. See my artwork for the movement as well as resources and videos of the protests at http://dregstudiosart.blogspot.com/2011/09/occupywallstreet.html Get informed and get involved… all you have to do is raise your voice for change!
Report Post »RavenGlenn
Posted on November 17, 2011 at 10:20pmCan I raise my voice towards getting you to shut up and go away?
Report Post »Anamah
Posted on November 17, 2011 at 10:21pmDregstudios, all you have is to try hard to raise your IQ. It seems to me, if you achieve it at least to think a little clever than now, this one would be the artwork of your life!
Report Post »mr molotov cocktail
Posted on November 17, 2011 at 9:12pm Report Post »lukerw
Posted on November 17, 2011 at 8:51pmI do not care how much that the Germans need Markets & Trade… they cannot support the failure of Greece & Italy! And, the rumors are that they are printing D-Marks… just in case!
Report Post »YoungBloodNews
Posted on November 17, 2011 at 10:00pmYeah, the title would make you think OWS caused this, and I was monitoring OWS comments on livestream and they were convinced they caused the down turn. Stupid sheep, so ignorant to the eurozone disaster about to bring down our country.
Report Post »CobiusMaximus
Posted on November 17, 2011 at 8:43pmThese days, the market moving 130 is relatively low. Back when we got downgraded it was moving 400 per day for a month and a half.
Made a lot of money back then.
Report Post »knighttemplar999
Posted on November 17, 2011 at 8:03pmBetter load on up with spxu and the like.
Report Post »CobiusMaximus
Posted on November 17, 2011 at 7:53pmJudging from the beginning of this article, the writer knows absolutely nothing about the market. Oil and gold ARE commodities. And what he quotes as “NYSE: USE, GLD, SLV” are not. He gives quotes for the spot prices of the commodities, not for the USE, GLD and SLV ETFs.
I love TheBlaze, but please correct this. You take legitimacy away from an awesome website when you write incorrect stuff like this.
CobiusMaximus
Posted on November 17, 2011 at 7:58pmUSO* is what i mean.
Report Post »old.outlaw
Posted on November 17, 2011 at 7:52pmWonder why these dirt bags don’t venture out to the more rural areas.
Report Post »someonewhocares
Posted on November 17, 2011 at 7:11pmLooks like they had little effect.
http://politicalbowl.com – Political Videos
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