(AP) The stock market's six-month rally finally gave way Tuesday, succumbing to resurgent worries about the fragility of the banking industry and the economy as a whole.
A mix of rumors and growing concerns that more banks will fail pummeled the financial industry, which had posted some of the biggest gains since the stock market began its huge advance in March. Investors saw a batch of economic reports that just weren't good enough as a parallel reason to sell.
All the major indexes fell about 2 percent. The Dow Jones industrials fell 186 points. The Nasdaq lost 40 and the S&P 500 was down 23.
Meanwhile, bond prices edged higher as investors sought the safety of government debt. The price of oil tumbled as the dollar strengthened and amid concerns that the economy isn't strong enough to support higher demand for energy. - CBS News Story
I thought that Obama had assured us that he was creating a healthier banking system and an economy that was on more solid ground?
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