Stocks slide as consumer worries grow
Lackluster consumer spending report gives investors little to rally around
NEW YORK - Stocks plunged Friday, erasing all of the previous day's big gains, as a drop in consumer spending fanned worries that the economic recovery won't be sustainable.
Major stock indexes tumbled more than 2.5 percent, including the Dow Jones industrials, which gave back all of Thursday's 200-point gain. Banks as well as energy and materials companies posted the biggest losses.
As stocks fell, investors moved to safer assets like the dollar and Treasurys. At the same time, the Chicago Board Options Exchange's Volatility Index, known as the market's fear gauge, soared nearly 25 percent to 30.88, the highest since early July. Its historical average is 18-20. It hit a record 89.5 a year ago.
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4 comments:
You only comment when going down. FYI it's been going up all year.
It Has NOT been going up all year every time our wonderful president talked about the stock market this year it went down wake up kool-aid drinker. By the way do you ever stop to ask what's in the kool-aid or do you just drink?
anonymous 10:06, let the democratic fools believe what they want. The government dumps money into the stock market and creates, (once again, like Clinton did) a false economy. It was bound to catch up with them and we are on our way to another great depression.
I stated this in the past and I'll repeat. They'll take every last penny you have, then they'll take more. They'll make you so dependent on the government that while they're feeding you because you're starving, you'll start feeling like you really thank them for the help and saving you life, like health care.
Once they have just about everything you ever owned, then they'll come back for more and then and only then will this country hit rock bottom.
Sadly, when we start to come out of it and rise again, we'll be in so much debt to our government, 99% of Americans will never be indipendent again.
Lock and load.
Joe,
The only correction I would offer is this:
We will be in debt to the Central Bankers.
The government owes the bankers.
They promised to pay them by taxing us
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