Stocks sold off sharply to end at session lows Tuesday with the Dow down for an eighth day amid economic worries and even after President Obama signed a bill to avoid a debt default.
The Dow Jones Industrial Average plunged 265.87 points, or 2.19 percent, to end below the psychologically-important 12,000 mark at 11,866.62. The last time the blue-chip index declined for eight-consecutive days was in October 2008.
The S&P 500 plummeted 32.89 points, or 2.56 percent, to close at 1,254.05, slipping into negative territory for the year.
The tech-heavy Nasdaq tumbled 75.37 points, or 2.75 percent, to finish at 2,669.24. The S&P 500 and Nasdaq are both below their 200-day moving averages.
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3 Responses
So long for Obama’s summer of recovery, last time the market was down 8 days in a row was during the Oct. ’08 panic that enabled Obama to win.
Joy over the debt agreement which in theory might someday reduce the debt???? Fear that the dollar gaining value will hurt exports (but lower the price of oil)?????
At least its a buying opportunity for those of us who favor a “buy low, sell high strategy”.
The only way there would have been a default would have been if Barack Hussein Obama would have done it, otherwise there was NO WAY there would have been a default.
I guess his greatness BHO didnt tell the market that it was only supposed to go up henceforth.