Stocks Plunge Over 600 Points
- Posted on August 8, 2011 at 4:29pm by
Jonathon M. Seidl
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NEW YORK (AP) — Stocks plunged Monday as anxiety overtook investors on the first trading day since Standard & Poor’s downgraded American debt.
The Dow Jones industrials fell 634.76 points. It was the sixth worst point decline for the Dow in the last 112 years and the worst one-day drop since December 2008. Every stock in the Standard & Poor’s 500 index declined Monday.
Investors worried about the slowing U.S. economy, escalating debt problems threatening Europe and the prospect that fear in the markets would reinforce itself, as it did during the financial crisis in the fall of 2008.
“`What’s rocking the market is a growth scare,” said Kathleen Gaffney, co-manager of the $20 billion Loomis Sayles bond fund. “The market is under a lot of stress that really has little to do with the downgrade.” Instead, Gaffney said, investors are focused on “how Europe and the U.S. are going to work their way out of a high debt burden” if economic growth remains slow.
Investors desperately looked for safe places to put their money and settled on U.S. government debt – even though it was the target of the downgrade Friday, when S&P removed the United States from its list of the lowest-risk countries.
The price of Treasurys rose sharply, and yields, which move in the opposite direction from price, fell. The yield on the 10-year Treasury note fell to 2.34 percent from 2.57 percent Friday. That matches its low for the year, reached last week.
“This is largely a flight to safety,” said Thomas Simons, money market economist with Jefferies & Co. “The bond market is really trading off of what’s going on in the stock market.” Money flowed out of stocks and into Treasurys.
Gold set a record. It rose $61.40 to settle at $1,713.20.
Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Oil fell 6.4 percent to settle at $81.31 per barrel.
Fear is spreading quickly through the market, said Dimitre Genov, senior portfolio manager with Artio Global Investors. “It’s becoming a vicious cycle and could feed into consumers reducing their demand as well.”
The Dow was down 5.5 percent a 10,809.85. The sharp drop extended Wall Street’s almost uninterrupted decline since late July, when the Dow was flirting with 13,000. It fell below 11,000 for the first time since November.
The S&P 500 fell 79.92, or 6.7 percent, to 1,119.49. The Nasdaq composite index fell 174.72, or 6.9 percent, to 2,357.69.
Stock markets in Asia began Monday’s global rout. The main stock index fell almost 4 percent in South Korea and more than 2 percent in Japan. European markets opened later and fell, too, with Germany down 5 percent and France 4.7 percent.
In the U.S., stocks fell even as Moody’s, another major credit rating agency, stood by its top rating of Aaa for the United States. It said it could downgrade the U.S. if it doesn’t cut its deficit, “but it is early to conclude that such measures will not be forthcoming.”
Financial markets also did not appear comforted by an afternoon statement by President Barack Obama, who said Washington needs more “common sense and compromise” to tame its debt.
“Markets will rise and fall,” he said. “But this is the United States of America. No matter what some agency may say, we’ve always been and always will be a triple-A country.”
S&P, in its downgrade, criticized dysfunction in the American political system. The downgrade wasn’t a total surprise but came when investors were already feeling nervous about the U.S. economy and European debt, among other problems.
Last week, the Dow Jones industrial average fell almost 700 points. That was its biggest weekly point loss since October 2008, during the financial crisis. Counting Monday, the Dow has dropped in 10 of the last 12 trading days. It is down more than 1,900 points, or 15 percent, since July 21.
The Russell 2000 index of small stocks has now lost nearly 25 percent from its most recent high on April 29. A decline of 10 percent or more off recent highs is considered to be a correction. But a drop of 20 percent or more is said to be the start of a bear market.
The Nasdaq and S&P 500 are both down about 18 percent since the end of April. The Dow is down 16 percent.
The last bear market for the S&P 500 ran from October 2007 until March 2009. The index lost 57 percent of its value during the downturn.
S&P on Monday downgraded mortgage lenders Fannie Mae, Freddie Mac and other agencies linked to long-term U.S. debt. Fannie and Freddie own or guarantee about half of all U.S. mortgages. Their downgrade could eventually mean higher mortgage rates.
Worries about weaker profits that could result from a slowing economy have slammed the financial industry since late July. As a group, financial stocks in the S&P 500 index fell 10 percent on Monday to their lowest level since July 2009.
Bank of America plunged 20.3 percent, to $6.51, after AIG filed suit against the bank. The insurer alleged Bank of America sold it overvalued mortgage-backed securities. The bank denied the allegations. Its stock is down 51 percent this year, from $13.34.
Stocks in other industries whose profits are closely tied to the strength of the economy also fell sharply. Energy stocks in the S&P 500 fell 8.3 percent, for example.
The smallest losses came in safer industries such as consumer staples whose profits tend to be steadier, regardless of the economy. Even in a bad economy people will still buy things like toothpaste and bread.
The Vix index, a measure of fear among investors, shot up 47 percent to its highest level since May 2010. The index shows how worried investors are that the S&P 500 will drop over the next 30 days. It does this by measuring prices for stock options that investors can buy to help protect their portfolios.
Investors are also worried that Italy or Spain could become the next European countries to have trouble repaying its debts. Greece, Ireland and Portugal have already received bailout loans because of Europe’s 21-month-old debt crisis.
The fears have pushed investors to shun Spanish and Italian bonds, which led to higher yields on the bonds. That resulted in even higher borrowing costs for the countries.
The European Central Bank stepped in Monday and bought bullions of euros worth of their bonds. The move helped to lower yields on Spanish and Italian bonds, at least temporarily.
Seeking to avert panic spreading across financial markets, the finance ministers and central bankers of the Group of 20 industrial and developing nations issued a joint statement Monday saying they were committed to taking all necessary measures to support financial stability and growth.
“We will remain in close contact throughout the coming weeks and cooperate as appropriate, ready to take action to ensure financial stability and liquidity in financial markets,” they said.
Worries about the U.S. economic recovery have been building since the government said that economic growth was far weaker in the first half of 2011 than economists expected.
The economy grew at a 1.3 percent annual rate from April through June, below economists’ expectations. It expanded at just a 0.4 percent rate in the first quarter. The first half of 2011 was the slowest since the end of the recession.
Then reports showed that the manufacturing and services industries barely grew in July. Job growth was better than economists expected last month. But the 117,000 jobs created in July were still well below the 215,000 that employers added in February, March and April, on average.
The Federal Reserve will meet on Tuesday, but economists don’t expect much to come out of the meeting. The central bank’s key interest rate is already at a record of nearly zero, where it has been since 2008.
The Fed has also already said that it plans to keep rates low for “an extended period.” Chairman Ben Bernanke said last month that the Fed could step in to help the economy if it further weakened.
Fears about a weaker U.S. economy have overshadowed the profit growth that companies have reported for the second quarter. For the 441 companies in the S&P 500 that have already reported, earnings rose 12 percent in the second quarter from a year earlier. Revenue growth has also topped 10 percent for the first time in a year.
Verizon Communications Inc. fell 3.9 percent after it was unable to come to terms with 45,000 workers on health care costs, pensions and other issues.
More than 69 stocks fell for every one that rose on the New York Stock Exchange. Consolidated trading volume was heavy at 9.7 billion shares, nearly triple the volume in early July.
—-
AP Business Writers Matthew Craft, David K. Randall and Daniel Wagner contributed to this report.
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Comments (119)
Living In NYC
Posted on August 8, 2011 at 7:23pmWell Barry you finally did it…you are now the worst President in American History!
We have lost our basic rights, thousands of business, millions of jobs, millions on our homes and trillions of American wealth! Are you trying to make us a third world country where your father and half-brother lived / live..maybe you will give us a cardboard box to live in like your half brother has!
Barry you and your waterboys should be pushing shopping carts and collecting cans..since no company on earth should hire anyone with a work history like yours and your team has!
Thanks a lot!
Report Post »Canadianaleye
Posted on August 8, 2011 at 7:39pmChange you MUST believe in (sarcasm)
Report Post »hauschild
Posted on August 8, 2011 at 7:41pmRing ….. Ring ….
“Yeah – Mr. Soros?“ ”This is Obama; you know, your protege?“ ”Uh, I’ve got Two words for ya old boy”: “Mission accomplished!”
Report Post »china clipper
Posted on August 8, 2011 at 7:52pmPushing shopping carts and picking up cans are useful occupations. Don’t demean them by comparing them to what Obama does.
Report Post »banjarmon
Posted on August 8, 2011 at 11:57pmSorry you live in NYC
Report Post »Well Said even if you do live there>
HotBreakingStory
Posted on August 8, 2011 at 7:23pmIf we got unelected offiCIAls out of tinkering with everything including pulling the strings of elected officials we could actually see a rebound in our economic situation.
A Coup d’etat began during the 2008 presidential election.
Obama is not the president, he’s the acting president. He disappeared for 2 weeks after his election win only to reappear looking exhausted sitting next to John McCain, with a bad poker face, for a press photo shoot. Obama is now a Pentagon puppet.
Here’s what Obama, Osama, Biden, Bin Laden, the FBI’s Most Wanted Terrorists, and Sarah Palin had to do with the last presidential election and the military’s overthrow of our government. Thousands of people are learning about this and sharing it everyday. Help us restore our democracy now.
http://alturl.com/xb5cm
Report Post »Gypsy123
Posted on August 8, 2011 at 7:21pmAll in the plan to destroy the USA as a super power
Report Post »Caleb Gordon
Posted on August 8, 2011 at 7:15pmhttp://calebgordon.com/?p=2526
What is our hope in? The Stockmarket falls 634 points today, and so many people are totally stressing out today…and wondering if this is the start of the total fall of America…I ask the question…WHAT (who) are we putting our hope in?
What will we take with us when we die?
Christ is the only real solid foundation. Base your life on HIM!!
Come join the conversation at http://www.calebgordon.com and put your 2 cents in.
Report Post »Caleb Gordon
Posted on August 8, 2011 at 7:17pmSorry I posted that twice…my PC was being slow. I hit “post” a couple of times.
Report Post »btknows
Posted on August 8, 2011 at 7:13pmDoes this guy have a clue, or is it just me ? Is it what he wanted to do all along, please someone explain this to me. Just when I think I have seen it all, something else makes my jaw drop. Anyone who wants to make me feel better or explain, call 330-831-0366
Report Post »Steel Awesome
Posted on August 8, 2011 at 7:27pmCan people call you collect?
Report Post »starman70
Posted on August 8, 2011 at 8:51pmIf you watched ODUMMER’S speech on the downgrade of the credit rating, it was just another re run of the same old line he has been parroting all along. No new ideas or solutions for the problem. Now Congress in going to “Investigate” Standard & Poore, the credit rating agency. How inanely STUPID!!!! Instead of working to figure out how to solve the problem, they will now WASTE TAXPAYERS MONEY with an investigation of an agency of which few if any members of Congress have the slightest inkling of how it works. Of course, when it comes to the Dummycrats on Capitol Hill, if you don’t like it – - investigate it.
CLEAN OUT THE HOUSE, SENATE AND THE WHITE HOUSE IN 2012! America can’t afford any more of this kind of “Hope and Change”.
Report Post »mharry860
Posted on August 8, 2011 at 8:54pmIs that really your phone number?
Report Post »JohnnyGalt
Posted on August 8, 2011 at 7:07pmhttp://footofatlas.blogspot.com/
Report Post »TRILO
Posted on August 8, 2011 at 6:55pmHere we have it, the “fundemental change” the tryant said he would bring about. I have a feeling that this is just the tip of the iceberg. “Hope” everyone is prepared.
Report Post »ProbIemSoIver
Posted on August 8, 2011 at 6:41pmSCAM !!!! lol
Report Post »stanbeck
Posted on August 8, 2011 at 6:32pmRemember the Warren Buffett article yesterday? He said the S&P was wrong to downgrade the US. Well today the S&P rating agency downgraded Warren Buffett’s company from stable to negative. Now we see why he was so negative on the rating downgrade yesterday. All about him…
Report Post »apu123
Posted on August 8, 2011 at 6:27pmI really did not think the S & P would downgrade, but they did. Now don’t worry about this stock market crash, (Dow futures for Tuesday down an additional 100 points or so) I just read that the Senate Banking Committee is going to get to the bottom of this downgrade with an investigation of S & P. That will put the wind back in the economies sails! Also Obama thinks the country is still AAA so nothing to worry about there.
Report Post »The_Almighty_Creestof
Posted on August 8, 2011 at 6:32pmYou have to wonder how bad it would have been if the Fed was not buying futures behind the scenes today to try and balance things.
Report Post »LinkedIn G
Posted on August 8, 2011 at 7:03pmYeah…don’t ever stop spending…just find someone to blame
Report Post »Jack2011
Posted on August 8, 2011 at 7:25pmThey said they would downgrade MANY TIMES if we did NOT cut at least $4 Trillion dollars.
Watch Fox Business – Most of the anchors said we will BE CUT because that budget Obama signed was not $4 trillion.
Go Fox Business.
Report Post »cloudsofwar
Posted on August 8, 2011 at 6:26pmman i’m sure glade that Obamas policies are working…………………….AGAINST US
Report Post »OneFunR6
Posted on August 8, 2011 at 11:16pmI see clouds,……
of war………. civil war.
Report Post »JJ Coolay
Posted on August 9, 2011 at 12:15amOne…. I’ve been saying that for several months now. Civil war is coming.
Report Post »OneFunR6
Posted on August 9, 2011 at 11:02pmWHEN people do not have ANYTHING to EAT, they will be willing to kill for food.
Got chickens? Good!
Then you gots eggs and ……………… wait for it………………….
MORE CHICKENS!
Report Post »OneFunR6
Posted on August 9, 2011 at 11:32pmAND!…….
You can EAT chickens!
Report Post »They taste great bar-b-que’d…….
unlike a liberal.
cloudsofwar
Posted on August 8, 2011 at 6:24pmObama NOW says Washington now needs a balance approach. Oh wait a minute i think he means that congress needs to raise the tax rate. never mind
Report Post »Sara72
Posted on August 8, 2011 at 6:24pmhttp://latimesblogs.latimes.com/washington/2011/08/dow-jones-obama-markets-credit-rating.html?dlvrit=23653
Even the LA Times sees thru Obamas CRAP!
Report Post »jdoors
Posted on August 8, 2011 at 6:22pmreaction to obama’s speech and stock market http://www.blogtalkradio.com/angelocracy/2011/08/08/reaction-to-obamas-speech
Report Post »cloudsofwar
Posted on August 8, 2011 at 6:22pmHeadline: Dow drops over 600 points, Thanks Obama for nothing.
Report Post »vtech61
Posted on August 8, 2011 at 6:13pmBest to just have staples/can goods and bullets on hand.
(Extra of all, to be able to barter with too)…
Many of us have prepared for a little ‘disruption’.
When the real collapse comes>>>
(and every indicator for the last few years shows it WILL come)…
Just trade with your friends and shoot those who try to just
come up and ‘attempt’ to take your ‘stuff’.
Locked/loaded/hunkering down and ready to ‘play’
this literal game with the idiots,
who want to TRY to ‘transform’ this Country.
I feel real sorry for the masses of ‘entitlement’ people too…
Report Post »Who live in the BIG cities.
The animals WILL prey on THEM first.
Me thinks. :-)
loriann12
Posted on August 8, 2011 at 6:21pmDon’t forget to stock up on tampons…for bartering. Cigs, chocolate…
Report Post »The_Almighty_Creestof
Posted on August 8, 2011 at 6:30pmI have a years worth of food and water. 4000 rounds of ammo for my various firearms (5000 tomorrow after I pick up my new Kel-Tec Sub 2000). Clothes/toiletries/etc to last a year or more.
Have two problems though. I’m a loner who does not trust people and surviving alone is against the odds. Also, it will be tough for me to know when things are REALLY over…so I no longer report to work. With my luck I’ll be one of the last working and will have a burglary and lose all my supplies/gear.
I‘ve made the mistake of telling many people what I’m prepping for…in hopes of getting them started as well. More and more though, I get the feeling these people are just taking notes as to who to hit if the SHTF…or at best, come beg from.
Report Post »Fastsam
Posted on August 8, 2011 at 8:19pmMe thinks you are right, those that have led entitlement lifestyles will be the first to go after the elitist government officials
Report Post »AvengerK
Posted on August 8, 2011 at 6:06pmI watched the market as Obama spoke today and the market dropped as he spoke. It dropped over 300 points. He was 45 minutes late. He opened by repeating the attack on S&P that his adminstration had launched over the weekend. He mentioned earthquakes, tsunamis, Europe, “I inherited this” and “Washington bickering”. Never once did he mention Stimulus 1 and 2, Obamacare or Dodd/Frank. He then went straight into his class warfare routine accompanied by, “tax reforms” (read: Tax hikes) and “extended unemployment benefits” (read: spending). He‘s either unteachable or so deeply entrenched in the mess he’s made that he doesn‘t have the courage to admit when he’s wrong. It’s clear all that matters to him is his re-election campaign. Not once did he mention the fact that with more people working, you get more revenue and more investment activity. Investors saw a man stuck-on-stupid today. To add insult to injury, Obama has two fundraisers tonight..so much for “focused like a laser on jobs”.
Report Post »Encinon
Posted on August 8, 2011 at 6:05pmThis is one of the greatest days of my life!!
Report Post »trolltrainer
Posted on August 8, 2011 at 6:09pmAs long as the government collect taxes you will be okay! I will have to come over to your basement for dinner. Hope your mom won’t mind, she was not very happy with me when I threw her out of the moving car when we broke up.
Report Post »Encinon
Posted on August 8, 2011 at 6:43pmYou are right but like Obama said today we are not collecting nearly enough taxes yet. Until the day comes where I can live like you do, we don’t collect nearly enough. Today was a great day in that more and more wealth was taken from those who don’t deserve it.
Report Post »Steel Awesome
Posted on August 8, 2011 at 7:25pmCongratulations on your stool softener finally working. I knew your patience would pay off.
Report Post »uncensoredTalmud
Posted on August 8, 2011 at 11:27pmTrollTrainer: I think you are one of “our people”. “The Chosen”.
Report Post »uncensoredTalmud
Posted on August 8, 2011 at 11:27pmTrollTrainer: I think you are one of “our people”. “The Chosen”. G-d bless you.
Report Post »Hereigns7
Posted on August 8, 2011 at 6:02pmFrom a Christian view point this is just the beginning of the end as we fast approach the end of days. Find out what happens next by viewing my video “Great Tribulation then the Second Coming” on YouTube. Part II will cover specifically the economic collapse foreseen by many but denied by most.
Report Post »LibertarianForLife
Posted on August 8, 2011 at 6:55pmPhew! Good thing god doesn’t exist and you have no evidence and/or idea of what your talking about!
Report Post »trolltrainer
Posted on August 8, 2011 at 7:08pmCan you prove God does not exist?
Were did it all come from? Got any concrete answers?
Oh nos, God might exist! Boy, of He does aren’t you going to feel mighty stupid! Just a split second before your eternity turns into sheer terror. Good luck to ya!
Report Post »Steel Awesome
Posted on August 8, 2011 at 7:23pm“Phew! Good thing god doesn’t exist…”
I’m sure that Obama is counting on that.
Report Post »PASSIONFORCHRIST
Posted on August 8, 2011 at 8:00pmTo Hereigns7:
Report Post »YOU NEED TO READ YOUR BIBLE AGAIN, THE TRIBULATION DOESN’T EVEN START UNTIL THE PEACE PACT WITH ISRAEL. THEN AND ONLY THEN IS THE START OF THE 7 YEAR TRIB. WHICH BELIEVERS IN CHRIST WILL NOT, I REPEAT WILL NOT TAKE OR HAVE PART IN. BUT WE WILL BE THERE AT THE END OF THE TRIB. W/CHRIST!!!!!!!!!
skippy6
Posted on August 8, 2011 at 5:56pmThe game is over, get your money out while you still have some!!!!
Report Post »DeliverUsFromEvil
Posted on August 8, 2011 at 6:35pmSell on euphoria, buy on panic.
Might as well buy stocks, if Treasuries hit the fan we’re all screwed anyway. And fixed income is negative real return after inflation in today’s environment.
Report Post »Ronko
Posted on August 8, 2011 at 5:52pmDidn’t Glenn warns us about this for at least 2 years if not longer. I‘m surprised that more people don’t take him more seriously, the man is an oracle.
Report Post »temple62
Posted on August 8, 2011 at 5:46pmWhose to blame for Obama’s poor performance? His voters – these idiots either voted for the “first black president” or the voted just voted rolled the dice and voted for “anyone but the Republican choices”! Well, either way you got what you wanted and how is that working out for you liberal socialists?
Report Post »Snowleopard {gallery of cat folks}
Posted on August 8, 2011 at 5:43pmAt one time I would have made a guess as to what will happen now with the markets; however, right now the only thing I can say is that it will be anyones guess at to the outcome. The only thing I may have accurate, and not likely at that, is we will have a rollercoaster ride for several weeks now.
I have to wonder how long it will be until the Fed’s jump into the game and slam down hard upon everyone in the markets, and the nation as well?
This very easily could be the turning point for the nation; we will either turn to the restoration of the government, or we will be thrown down into the iron-clad bondage of slavery and blood by the Fed’s.
Report Post »stumblemouth
Posted on August 8, 2011 at 6:22pmThe currency-devaluing flood of stimulus and QE money that made no jobs, plus the now 100% of GDP claimed by government spending, pretty much took care of the private economy. Destruction of capitalism is what the Obamanauts want, and they’re well on their way.
Report Post »I‘ve noticed in a couple of posts that you’ve mentioned iron and blood. Is there any particular significance? Biblical allusion? Just curious.
miles from nowhere
Posted on August 8, 2011 at 5:42pmObama blames Americans for this problem, his over spending could not have caused this problem
Report Post »MONICNE
Posted on August 8, 2011 at 5:34pmDefinitely time to Sell Gold, and buy up the Stock bargains!
TEA
Report Post »ProbIemSoIver
Posted on August 8, 2011 at 5:38pm@Monicne.
WRONG !!!
Hang on to gold and quit gambling in the stock market.
And ignore this troll MONICNE that would be tarred and feathered by the Tea party.
TEA !!!!
Report Post »theCREATORisGOD
Posted on August 8, 2011 at 5:48pmHold on to the gold, we are entering a bear market, not the time to buy, not when you can’t see the bottom.
(wondering if you were being sarcastic?)
Report Post »Scaz
Posted on August 8, 2011 at 5:54pmYou’re both wrong. Buy food and guns,…lots of guns.
Report Post »trolltrainer
Posted on August 8, 2011 at 5:56pmIt was being sarcastic, but this is the time fortunes are made. It is all a gamble but if you have the money to play with you might come out well ahead in 5-10 years…If we come out at all…
Report Post »AvengerK
Posted on August 8, 2011 at 6:10pmClownshoes MONACNE whistling past the graveyard again. Fannie and Freddie are to be downgraded. Nations have statutes whereby they’re only permitted to buy AAA rated obligations. This isn’t just a “correction”. The market had been ready for something like this to happen to the U.S. for months now (apparently they forgot to tell Tim Geithner though) and pricing was “baked in” already. Even Berkshire Hathaway may feel the hit. Don’t pretend to be clever MONACNE…it defintely doesn’t suit you.
Report Post »Encinon
Posted on August 8, 2011 at 6:47pmI definitely am not. Please do not buy gold. It’s one of few ways the rich can get richer. We all need to be equal and only then can we all be happy. Why some of you refuse to believe this, I just don’t understand. Doesn’t matter, obamas poliicies are quickly gettin rid of the wealth from those who don’t deserve it, so soon we can all be happy!!
Report Post »MHP
Posted on August 9, 2011 at 1:29amEncinon
Are you ready for folks to start cheating and stealing our wealth back.
Time for a tax strike, and you commies get to pay all of them.
Report Post »