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US markets spiral down again..

  1. AlphaCenturian

    10,543 Posts.
    Dow 9,096.09 -178.81 (-1.93%)
    Nasdaq 1,381.12 -24.49 (-1.74%)
    S&P 500 952.83 -24.15 (-2.47%)

    10-Yr Bond 4.742% -0.070
    NYSE Volume 1,342,667,000
    Nasdaq Volume 1,702,168,000

    Close: Remember the big rally we had in the abbreviated session last Friday? You know, the one where the Dow, Nasdaq, and S&P soared 325, 68, and 35 points, respectively? Well, following today's action, it has been pretty much reversed... In fact, as far as the S&P 500 is concerned, Friday's gain has been wiped out completely... The Nasdaq, meanwhile, has given back all but a fractional portion of Friday's advance... As for today's pullback, it didn't really take shape until the afternoon session...
    Throughout the morning, the indices traded in choppy fashion, but didn't stray far from the unchanged mark in either direction as neither buyers nor sellers showed much conviction... Strikingly, today's highpoint came around 11:30 ET or just after President Bush began a speech on corporate accountability that contained provisions designed to help restore investor confidence... In looking at the final standing of the indices, it is easy to suggest the market was disappointed by what they heard from the President, but that is a stretch in Briefing.com's estimation considering the market knew the details of his speech beforehand...

    If anything, the market's disappointment in his speech is based on the understanding that actions speak louder than words, and right now, the President's tough talk is just that-- words... In reality, the market was pressured today by ongoing concerns about earnings prospects...

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