Stocks came off their worst levels, but still finished sharply lower Thursday in heavy-volume trading as a gloomy outlook from the Federal Reserve in addition to ongoing economic jitters fueled concerns of a recession.
The Dow logged its biggest decline in a year.
The Dow Jones Industrial Average finished sharply lower, but still finished above its August closing low of 10,719.94. The blue-chip index skid 528 points in its intraday low.
The blue-chip index is on track for its worst week in almost three years.
The S&P 500 tumbled to trade near a key technical support level of 1,120. The Nasdaq also declined sharply. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared above 42.
All 10 S&P sectors finished firmly in the negative territory, led by materials and energy.
(Source: CNBC)
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3 Responses
So this is what you get with Obamas “Hope and Change”
Keep up the “good” work Obama and your socialist policies.
At this rate you won’t have any rich to tax to death left, we will all be working poor then. Oh right that is your goal anyway, perhaps you are using George Orwells book, Animal Farm as your bible these days.
Just because the Federal government is paralyzed (ahh for the parliamentary system where deadlocked governments have to call an immediate new election)? Maybe because the European Union is falling apart since a third of their members took a common currency as an excuse to spend vastly more money than they had (maybe we could export the Tea Party accross the pond)?
#1- unfair making fun of the president, he offered “hope” and “change”; well, things certainly have changed and given that we an election coming up, there is hope.