Stocks, Treasuries Fall as Debt Talks Stalemate

[TomClash]

Source: Bloomberg

U.S. stocks fell, pulling the Standard & Poor’s 500 Index lower for a third day, as top Democrats indicated lawmakers were no closer to reaching a compromise on the federal debt limit and orders for durable goods unexpectedly decreased.

Technology and industrial stocks led declines among S&P 500 groups. Corning Inc. (GLW) dropped 6.9 percent after reducing its forecast for glass demand amid lower television-sales projections. Juniper Networks Inc. (JNPR) plunged 21 percent as the second-biggest maker of Internet networking equipment posted earnings that missed forecasts. Amazon.com Inc. (AMZN) rallied 3.4 percent after its Kindle e-reader and digital-media services helped second-quarter results beat analysts’ estimates.

The S&P 500 slipped 1.8 percent, its biggest intraday decline since July 11, to 1,308.56 at 3:06 p.m. in New York. The Dow Jones Industrial Average decreased 168.36 points, or 1.4 percent, to 12,332.94. Treasury yields, which dropped yesterday on speculation lawmakers would reach an accord on the nation’s debt ceiling, rose today as the political stalemate continued.

“The macro events are clearly driving the market,” Sarah Hunt, portfolio manager at Alpine Mutual Funds in Purchase, New York, said in a telephone interview. Alpine oversees about $6.5 billion. “Beyond the fact that we have this political squabble, which never makes people feel better, you also have an underlying potential softening in the economic data.”

Read more: http://www.bloomberg.com/news/2011-07-27/stock-index-futures-little-changed-amazon-shares-surge-juniper-s-slump.html

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The Republican strategy to bankrupt the country just to win in 2012. Yet . . . none dare call it treason.

[TwilightGardener]

1. Well, there goes that 401k. Thanks, Republicans, you're swell..

[RKP5637]

2. Republican economics at work! n/t

[SpiralHawk]

3. Thanks a pantload, RepubliBaggers

RepubliBaggers at work, doing their damndest to make America FAIL. Ptoooey.

[cbdo2007]

4. and how many Repube Congresspeople are benefiting from the down market???

That would be an interesting question....any of them shorting the market right now???

[Skip_In_Boulder]

5. Not to mention that

the dollar took a hit today on world markets.

http://money.cnn.com/data/currencies/

[Demeter]

6. Today, the Plunge Protection Team Did Not Go to Work

For months now the PPT has propped up the markets, refusing to allow market forces to work. There is a tremendous bubble that has allowed the DOW to soar over many a crisis, real or imagined, to heights that are ludicrous.

And now, when the plot to steal Social Security and Medicare away from the people who paid for it all their lives is failing, the Great Correction is permitted to start...but not TOO much! Just enough to scare the **** out of people, so hey will call Congress, demanding that their throats be cut to extend the debt ceiling.

I hope to God that this farce fails. After 8 years of W, people aren't that naive any more.

[Myrina]

7. ... perfect time for greedy Corpsters to buy-buy buy ...

... then when the last minute deal is sealed and stocks jump back up again, they'll have even MORE of everyone else's money.


Tell me again that this game of chicken isn't rigged kabuki theatre. :puke:

[Jim_Shorts]

8. If its any consolation

90% of the markets are owned by the very rich and a lot of them are ceo's and owners so they can't just sell out of their own company's. Since they are the real owners of this country this crisis most likely won't last long but then these teabaggers are crazy.

[Ghost Dog]

9. Major Averages Close Near Worst Levels Of The Day

WASHINGTON (dpa-AFX) - Stocks moved sharply lower over the course of the trading day on Wednesday, as traders expressed concerns about the impact of a default by the U.S. government amid indications that lawmakers in Washington continue to struggle to reach an agreement on raising the debt limit.

While significant weakness was visible in a variety of sectors, networking stocks posted particularly steep losses on the day. The NYSE Arca Networking Index plunged by 7.3 percent to its worst closing level in well over seven months.

...

The major averages posted steep losses, ending the session near their worst levels of the day. The Dow fell 198.75 points or 1.6 percent to 12,302.55, the Nasdaq plummeted 75.17 points or 2.7 percent to 2,764.79 and the S&P 500 dropped 27.05 points or 2 percent to 1,304.89.

/... http://www.finanznachrichten.de/nachrichten-2011-07/20911987-major-averages-close-near-worst-levels-of-the-day-020.htm