Stocks Plunge amid Worries about Spending

Dow Closes Down 250 Points as Drop in Consumer Spending Fans Worries that Economic Recovery Won't Last

(CBS/AP)  Last updated 4:10 p.m. Eastern

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 percent in early afternoon trading, including the Dow Jones industrials, which gave back all of Thursday's 200-point gain. The biggest declines were among banks, energy and materials companies.

As stocks fell, investors moved to safer assets like the dollar and Treasurys.

Investors started shedding stocks after the Labor Department said personal spending fell 0.5 percent in September. Though the decline was in line with forecasts, it was the largest drop in nine months and followed a 1.3 percent jump in August fueled by the government's popular Cash for Clunkers car rebate program.

The decline marked an about-face for the market, which had rallied on Thursday after the government reported a 3.5 percent jump in gross domestic product in the third quarter. The stronger-than-expected growth came after four straight quarters of declines and was the most promising evidence yet that the longest recession since the 1930s has ended.

However many economists worry that much of that growth came from government stimulus measures, and that without a rebound in consumer spending the economic recovery won't be sustainable.

"I think you have a market that is ultimately looking for its direction," said Bob Froehlich, senior managing director at Hartford Financial Services. "We really are at the inflection point. You tend to have an overreaction to both extremes."

Other analysts expressed similar caution.

"The positive GDP report tells us the recession ended this summer and the recovery has begun. It does not tell us that we are recovered," economist Lakshman Achuthan told CBS News correspondent Anthony Mason.

A drop in the mood of consumers added to the day's bad news. The Reuters/University of Michigan consumer sentiment index fell to 70.6 in October from 73.5 in September. The reading was revised slightly higher from a preliminary estimate of 69.4 earlier this month, and was roughly in line with expectations.

The market is paying close attention to indicators of consumer spending, which is still in a slump despite improvements in other parts of the economy such as manufacturing and housing. Spending by consumers makes up a major part of the U.S. economy.

According to preliminary calculations, the Dow closed down fell 249.85, or 2.51 percent, to 9,712.73. The Standard & Poor's 500 index fell 29.92, or 2.81 percent, to 1,036.19, and the Nasdaq composite index dropped 52.44, or 2.5 percent, to 2,045.11.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume came to 1.6 billion shares compared with 1.5 billion Thursday.

Friday marks the end of the fiscal year for many mutual funds, which could be adding to the selling pressure in the market, analysts said. Fund managers looking to minimize taxes for shareholders often sell some of their investments as the fiscal year comes to a close.

The Labor Department also reported Friday that personal income, the fuel for future spending, was flat in September compared with the previous month, in line with expectations. A lack of income growth is due, in part, to ongoing high unemployment rates, also a major worry for the market.

"Until we get to better employment numbers, it's hard to get real income growth and real spending ... and we're just not there yet," said Kurt Karl, chief US economist at Swiss Re. "Today is a reaction to a little bit of excess exuberance yesterday."

Stocks have fallen for most of the past week on worries about the economy. A stronger dollar, which hurts commodities prices, has also weighed on the market.

The dollar rose again Friday, sending commodity prices lower. On the New York Mercantile Exchange, gold prices slipped about $9 to $1,037 an ounce, while oil prices tumbled $2.38 to $77.49 a barrel.

Bond prices rose sharply as stocks fell. The yield on the benchmark 10-year Treasury note fell to 3.41 percent from 3.50 percent late Thursday.

Analysts say trading is likely to remain volatile in the coming week amid a flood of major economic news, including the Institute of Supply Management's readings on the manufacturing and services industries, sales reports from major retailers and the Labor Department's October employment report - arguably the month's most important piece of economic data. The Federal Reserve will also convene for a two-day policy meeting beginning Tuesday.

Without stronger evidence that the labor market is improving and consumers are feeling more comfortable about spending, investors will have trouble extending the market's massive rally into a ninth month. Even with this week's declines, the S&P 500 index is up about 55 percent since hitting a 12-year low in early March.

About six stocks fell for every one that rose on the New York Stock Exchange, where volume came to 560.8 million shares, compared with 650.7 million at the same time a day earlier.

In other trading, the Russell 2000 index of smaller companies fell 16.97, or 2.9 percent, to 563.25.

Overseas, Japan's Nikkei stock average rose 1.5 percent. Britain's FTSE 100 fell 1.8 percent, Germany's DAX index dropped 3.1 percent, and France's CAC-40 declined 2.9 percent.

[askagain]

brianbwb-2009 - Reread my post. It said Walmart and other pharmacies, not just Walmart. Government spends our tax dollars. It is up to government to spend them wisely. Why would you oppose spending less if it can be done? Employing people who are not necessary and spending more for the drugs makes no sense when the money is coming out of the taxpayer's wallet.

[stuart-johns2]

It's strange that Wall Street would worry about spending when it takes hugh stimulus funds and pays its exec's hugh bonus' which essentially add to the federal deficit.

[askagain]

stuart-johns2 - That is a good point. Perhaps it is a matter of self-interest. If our employer tells us that the company is laying off people, most of us hope and pray that it isn't our job that gets cut. It is actually rational for Wall Street to worry about the deficit and their own incomes, too. We all want to pay the lowest amount possible for our purchases. How many of us care is the merchant loses money on the sale?

[brianbwb-2009]

As if this news has anything to do with the real economy, other than to suggest that money is going to places other than Wall Street.

Bought-and-paid-for AAA ratings, cooked books, overpaid incompetent management execs, ponzi schemes, are these now the proper units of measurement for the nation's economic health?

Wall St. has always tracked misery, the more misery for the middle and poor, the more layoffs, the more inflation, the more corruption, the more indifference by the government to the plight of the people whose welfare it was created to protect, the higher the market goes.

It is time to ignore this irrelevant gambling casino from consideration as a factor in determining the nation's economic state of health.

Here is an idea, for the next three years each family should consider cutting Christmas shopping out altogether, it is a stupid way to celebrate a religious holiday anyway. Use that money to pay off credit, and don't take any more credit that is not vital to preserve life.

In fact any business engaging in holiday sales hype should be boycotted for insulting what was supposed to be a religious holiday.

Let us then ignore Wall St. altogether, and not send one extra cent there. Leave the gambling to the suckers.

[askagain]

Here is a tidbit for those who think government does a better job. The State of Virginia announced it is getting rid of its pharmacy for the mentally ill. The pharmacy employs nine people with a payroll of 800,000. It distributes $13,000,000 of medicine per year through various health departments around the state. The state belongs to a consortium which purchases medicines at discounts.

Here is the kicker. Walmart pharmacies and other pharmacies can supply the medicines for less money. So, the state can save $800,000 in payroll and purchase the drugs for less through commercial pharmacies. The only difference is that patients will have to go to pharmacies like the rest of us. This is another example of private enterprise getting the job done for less money.

[Ichabod09]

Maybe that explains the US Public Health Service choice of Surgeon General.

[brianbwb-2009]

So when Wal Mart becomes the only supplier, then jacks the price above the previous prices, you will still be singing this tired old song.

The state saves $800,000 in payroll, but spends it anyway to administer aid programs to the families of those who just lost their jobs, and most likely their homes.

The only difference now is who gets the money, before it was people doing honest work in service, now it goes to corrupt bureaucrats.


So what then do you figure those who studied pharmacology in college, and worked hard and honestly to qualify for those jobs, should do now that you have cut off their honest livelihood?

I know, I know, go find other jobs in a shrinking economy, the neos usual non-answer.

The only reason Wal Mart has lower prices is because of the competition, take that away, and your cost savings will quickly disappear in an orgy of collusion and price-fixing.

See the problem with you neos is that you instinctively stop your calculations right at the point of considering the negative effects to humans. This sociopathic tendency is probably the most salient feature of your agenda, and probably springs from a self hate programmed into you from birth by your so-called religion.

After all how can you love yourselves, when you are all sinners, born that way? Consequently, how can anyone love or respect others when they cannot even love or respect themselves?

[Ichabod09]

by brianbwb-2009 October 31, 2009 5:15 AM EDT

"So what then do you figure those who studied pharmacology in college, and worked hard and honestly to qualify for those jobs, should do now that you have cut off their honest livelihood?"


Ya mean all of those hardworking souls that were led to believe that the requirement for taking pills out of the big bottle and putting them in the little bottle mandated a doctorate degree? Ninety percent of the work done through pharmacies is done by either machines or technicians.

Cognitive services that a pharmacist supply? Done either by computer or written handout.

Ignore the little man in the white coat behind the glass-or is it a white rat in a rapidly spinning wheel that has been bullied in to going at such a fast pace as to no longer be safe?


Am I the only person in the house that remembers long distance telephone operators? Snicker

[kenhamlett]

As an alternate theory I suspect that institutional investors have backed off to assess their positions to see if they should hold steady, buy into a new sector or discover an new alternative. Nonstop buying or selling is a bad sign since it suggests the trader is not assessing his actions. Let's call it taking a breather to see if they want to play again next week.

[apachekid]

Stocks Plunge amid Worries about Spending ....... Dow Closes Down 250 Points as Drop in Consumer Spending Fans Worries that Economic Recovery Won't Last.


This one has me stumped. We have the same scenario that we had a year ago. The President is surrounded with the best brilliant economic minds that money can buy.

Here at Home It's been a struggle to meet the escalating gas & energy prices, home mortgage payments, food, energy, the higher fees that the banks put on us. I have had to downsize, cut costs, to try to balance my budget that won't budge in order to keep out of foreclosure, keep food on the table, and try to pay down my Personal Debt.

All that comes out of Our President & His Brilliant Gang of Schemes is that The Consumer Has to Step Up and Spend, Charge, Borrow, & Buy like we've never done before. That is, in order to pay off this Nations Debt, Bailouts, and all the other problems that they Created bailing out these crooks, if you will. Not to mention the largest Congressional Pay Off Raise in History that Obama signed as First Order of Business.

All The Failing Large Corporations & Failing Banks & Businesses were given Stimulus Money. If the Obama Supporters, Moveon, Acorn, GW, Anti Family, Anti Military, Anti Elderly, Pro Abortion & Pro Gay want to rescue this Economy they are welcomed to do so. As for me, I don't have the resources anymore to make a difference. Have to prepare for the coming cap & trade taxes & the BO healthcare costs. That's just the Trick no Treat I was expecting.

[askagain]

hungry1968-17 - I will respond with two things that I have been doing for years. Let me preface my response with the fact that I am self-employed and must provide for my own retirement.

1) Tax free municipal bonds are great. Each state has municipalities that raise money by issuing tax free municipal bonds. This money is used for things such as building hospitals and bridges. 30 year bonds pay between 4 1/2% and 5 1/2% interest paid tax free twice per year. The minimum investment is generally $25,000. The interest is guaranteed. Many of these bonds are insured. Some even require the municipality to raise taxes if necessary to pay the interest. A bond can be sold at anytime thus providing a very liquid investment. This is just a brief description.

2) Purchase quality mutual funds but only buy when the market is low or whenever there are large daily dips in the stock market. When the market goes up significantly, sell the mutual funds and park the money in a money market, not a money market fund. When the market goes down significantly, purchase the mutual funds again and just keep repeating this process.

Two of the biggest rackets are dollar cost averaging and holding mutual funds for ever. Why buy when the market is way up. This is what you are doing with dollar cost averaging. If you hold onto mutual funds over a long period of time, you miss too many opportunities to buy cheaply and sell high. Of course, brokers and mutual fund companies want you to dollar cost average so there is a constant flow of money each month for the broker commissioners and the mutual fund companies to invest. They will tell you that no one can time the market and that you will do better with dollar oost averaging. Don't buy into this. It is a losing proposition.

I have been doing 1) and 2) above for over 30 years and plan to retire in around 4 years with a very healthy portfolio. I hope this helps with your question.

By the way, I do not invest in jewelry or gold or silver because I know very little about those things.

[hungry1968-17]

by askagain October 30, 2009 7:04 PM EDT
correction

It is not fiction. There are investors who make money no matter what the economy is like. Investing is not for everyone. If you can't take the heat or can't afford to risk money, you should not be in the stock money. The potential for making money is high and the potential for losing money is high. To state that it is fiction for anyone who claims that he made money while everyone else lost money is not true. There are many ways to make money in the stock market such as buying long, selling short, buying and selling options, and just plain buying and selling as stocks go up and down. Equate it to buying or selling your own home without a Realtor. It is actually pretty easy but most people are afraid to do it themselves and use a Realtor. By the same token, if you don't know what you are doing in the stock market, perhaps you shouldn't be doing it.







So exactly WHAT are we supposed to do for retirement savings?

There aren't any more pensions, and everything now relies on 401k's.

So how are you supposed to have a retirement plan, AND stay out of the stock market at the same time?

[fontek]

This wasn't a drop, it was a blip. We'll know the market has dropped when the glass on the top floors is broken out and the top dog financiers are swan diving to their rightful places on earth.

[bubbadubba]

<<<<Those who catch the waves enjoy the benefits.>>>

Yea, like everyone who put their money and retirement funds into stocks and lost everything including their home.
SUCKERS.
Excuse me, I mean GREEDY SUCKERS but then again greed is the friend of flim flam artists.
The average stock portfolio has lost 50% in the past 5 years. But of course someone will post fiction that they alone are the genius that made lots of money while everyone else lost everything.

[askagain]

It is not fiction. There are investors who make money no matter what the economy is like. Investing is not for everyone. If you can't take the heat or can't afford to risk money, you should not be in the stock money. The potential for making money is high and the potential for losing money is high. To state that anyone who claims that he made money money while everyone else lost money is not true. There are many ways to make money in the stock market such as buying long, selling short, buying and selling options, and just plain buying and selling as stocks go up and down. Equate it to buying or selling your own home without a Realtor. It is actually pretty easy but most people are afraid to do it themselves and use a Realtor. By the same token, if you don't know what you are doing in the stock market, perhaps you shouldn't be doing it.

[askagain]

correction

It is not fiction. There are investors who make money no matter what the economy is like. Investing is not for everyone. If you can't take the heat or can't afford to risk money, you should not be in the stock money. The potential for making money is high and the potential for losing money is high. To state that it is fiction for anyone who claims that he made money while everyone else lost money is not true. There are many ways to make money in the stock market such as buying long, selling short, buying and selling options, and just plain buying and selling as stocks go up and down. Equate it to buying or selling your own home without a Realtor. It is actually pretty easy but most people are afraid to do it themselves and use a Realtor. By the same token, if you don't know what you are doing in the stock market, perhaps you shouldn't be doing it.

[bubbadubba]

Lie headline, nothing but propaganda.
ANYONE who has been in the stock market (including me, yes I was a sucker and the wealthy who control the market stole my money) knows that Friday is a day for selling and so is the end of the month.
Now on Monday stocks will go up and the cycle will repeat itself like it always does and the same wealthy people will continue to make tons of money and not pay their fair share of taxes like the rest of us.
These lies are intentional. Idiots will panic sell because of stories like this and the same people who sold for a profit will buy the stock cheaper and make a lot of money.
Anyone who does not think the stock market is manipulated by a group of wealthy people must be in a coma.

[missme4]

RIGHTO!

[Vet_Turner]

... stocks fall due to greedy profit taking-- stealing from those of us in IRA's where we can't move money around. So please stop reporting that it is due to something less sinister by these greedy types who have been told in their disgusting MBA programs that greed is good. What a load.

[askagain]

For most investors, the whole purpose of investing is to make money. It is not investor greed but the goal of making money that motivates investors. If you are concerned about not being able to move your investment money, perhaps you shouldn't put it in an IRA with stocks or mtual funds. One thing confuses me. My traditional and Roth IRAs have the money invested in mutual funds which can be bought or sold anytime the stock market is open. The money can be put in money market accounts and various other non-stock investments. Also, banks offer IRAs using savings and money markets with little or no risk to the principal. If you don't want your IRA money in stocks, just choose another option.

[hungry1968-17]

Well said.

It's like the guy on the commercial says: "My broker makes money when I make money, and what he didn't tell me is that he makes money when I lose money, when I move my money, and when I do nothing with my money."

We're nothing but "donators" to their game.

I'm moving all of my money straight into bonds.

[SHEETPAN]

America needs to manufacture. Look at the labels on almost everything you purchase. Clothes,shoes,Household items in general. Can you find anything made in the U.S.A. anymore? We need to make stuff. But the people in charge make it virtually impossible for anyone interested in starting up a factory of any sort. Rules, regulations, guidelines, codes, labor laws, OSHA, EPA, NIMBY, Lawyers and so on. If America is serious about economic recovery than what is required is to create wealth. And that means manufacturing. Wall street has it's function but it does not create tangible products and often simply creates phony wealth. Not only does, Made in America not mean what it used to, it's becoming an endangered species.

[billpl-2009]

people don't want those kind of jobs

"made in the USA" means importing more labor

I'd rather by imported stuff and let them stay where they came from

[missme4]

@ billpl-2009

You're not too bright are you? No really, are you? Alot of manufacturing jobs pay well. Mine for example. Manufacturing Process Engineer. The only way america will stay on top is if it has a quality product to sell. If you think building a road in america or building a windmill in america makes us money you are mistaken. It just shuffles money around until it ends up in the wrong hands. In order to succeed, america has to sell outside of america. Manufacturing is the key. People who program and setup manufacturing equipment can make a very good income. And, there are ALOT of people wanting to get those jobs. I'll show you the stack of resumes on my desk. So, when you buy foreign goods at walmart, or foreign cars you are destroying your future and mine. Right now China wants our money. in another 20 years it will want our land. If idiots follow in the footsteps of your remarks, america will not be strong enough to fight back. You think it's bad now? Just wait till you have 20 million Chinese men running around your house with machine guns. It's coming, but only if you let it.
So, if I don't make money at my job, guess what. I can't buy goods and services from you at your job. See the big picture I drew? I used crayons with real bright colors for you.

[mecanik-2009]

Exactly! We need to export something. I don't care what just something. Food, guns , bombs. It doesnt matter. And your right, lets get the government off our backs and build something.

[askagain]

Today was a great day to purchase stocks. This is what I have been doing for many years, buying stock on those days where the market takes big hits. There had to be a lot of selling for the market to tumble like it did today. Fear is a great friend of successful investors. When people sell out of fear, others jump as if the stocks are on sale. History shows that stocks go up and down. Those who catch the waves enjoy the benefits.

[wyodutch]

Beans, Bullets, Band-Aids and Bullion... The stock-in-trade of the wise investor.
.
The 7.62 ammunition that was $139 per thousand-round case 3 years ago is now selling for $700. The Silver Eagles that went for $9 in 2006 are now going for $20. Green Colombian coffee beans that were $1 a pound 2 years ago are now priced at $4.50 a pound.
.

[Ichabod09]

That's great that you've got stuff to barter with-ya think health care is expensive now-snicker.

[Biggest_Rick]

No one with any sense should be happy about bad news, but right now we have a party that tries to make up good news. Trying to claim 650000 jobs created or "saved" is but one example. The reality is that the things done by this administration to get things going the right direction are not working. The Stimulus was nothing but a big pile of pork. The only way to get things going is to encourage business to spend through tax breaks on new equipment and business infrastructure, something the left is dead set against. People in business also understand that the next shoe to drop is inflation because of all the spending. Give the rich an incentive to invest and we can start to bring things around. This administration is dead wrong in their approach. Time is proving it.

[hungry1968-17]

Yeah - we tried those "tax breaks for the rich", and all we got for it was massive debt, and an imploded economy.

How unreal that you would sit here and advocate something that has PROVEN -- time and again -- that it DOES NOT WORK.

[USA_is_back]

by Biggest_Rick October 30, 2009 4:28 PM EDT
The only way to get things going is to encourage business to spend through tax breaks on new equipment and business infrastructure
------------------------------------------------------------------
Tried that - all the tax breaks was spent shipping Americans jobs overseas for cheap labor to maximize profits and bonuses.




Give the rich an incentive to invest and we can start to bring things around.

--------------------------------------------------------------------

Again - tried that. Investments spent overseas to acquire cheap labor.

[Empire_George]

by rightbehind October 30, 2009 3:47 PM EDT
Actually what's good for wallstreet is bad for main street.
___________

Where did you learn this ? during your class warfare briefing ? That is absolutely not correct at all.....do you know that "wall street" is not some republican rich guys, but trading/market of the stocks of ALL publicly traded companies, large and small.....city and country....many middle class folks have their retirement invested in mutual funds....so when "wall street" does bad, guess what ? every american, middle class, poor, everyone who ever invested in stocks, retirement accounts, 401k's everyone suffers financial losses.....so if the Liberal establishment has convinced you that when "wall street" does good, it's bad for "main street" sold you out and lied to you, for the sole purpose of furthering their class warfare, rich against poor, middle class against middle class.

You should re-think your position and stop listening to the liberal class warmongers

[brianbwb-2009]

To Empire_George

Your elementary-school social studies teacher forgot to tell you that you pollyanna scenario is only valid for the medium and long term when the stock market is based on honest business practices and accounting methods, otherwise it is a sham, good only for short-term gain if you are one of the few lucky ones.

Honest business practices and accounting methods are about as common as chicken's teeth, and the neo's "small government" agenda has made it so that, just like Mexico, the crooked businesses are more powerful than the government, and will continue to cheat and steal with impunity.

Go ahead, try to say that the majority of American businesses use honest accounting, honest and sound business practices, and efficient pay scales for management, I dare you to post such idiocy.

Many "middle class' folk do indeed have their money parked into stocks and bonds, but like most suckers, are totally unaware that the information used to determine the stock's values is most often false and misleading, therefore their value is subject at any time to collapse, depending on when the various schemes fail, as they always do.

The advent of the 401k basically took money from peoples earnings, and gave it to gamblers and speculators, that is why most plans are now worth less than half, in real buying power, what they were 10 years ago.

Just ask Madoff, or Skilling, or Leeson. If the biggest players are all crooks, then the system forces all players to be crooks. There is no such thing as an honest cop in a dishonest precinct.

In fact, Wall St. has unerringly risen in reflection to the rise in misery on Main St., your choosing to ignore the evidence does not render it false.

Perhaps it is time for a long steep decline, as crashes have been artificially prevented by trading controls, maybe that is what it will take for Americans to quit being suckers, and stop gambling with their money, in a casino that everyone except you knows full well to be rigged.

[BeckieBest]

Notice how the righ wing nuts celebrate bad news?

Why do they want the country to fail?

[rightbehind]

Actually what's good for wallstreet is bad for main street.

[nowhiningallowed]

So now even factually reporting the negative news is a celebration and by your offensive "righ wing nuts"? So much for the president's media gloating session yesterday. Humble pie anyone?

[rightbehind]

I hope your not basing your life on speculation. You can thank wallstreet for credit default swaps, hedge funds, derivatives, speculators, and speculation. For every dollar that is made on wallstreet someone else has to pay. Enjoy paying 4 dollars a gallon for gas? Thank wallstreet. Enjoy bailouts? Thank wallstreet. How about the money invested in 401Ks that you work for. In order to pay a dividend products have to very successful and the cheaper they are the greater their return. Remember that when your job is shipped off to a third world country. That 401k account as has been proven can disappear like flatulence in the wind if those who really control it don't like the political environment. How free do you feel now?

[tmittelstaed]

This is really a non-story. For those of you with short memories, every year we go through this same cycle. In September and October we get a bunch of hand-wringing from the retailers saying that nobody is buying anything and they are going to have to cut back prices to stimulate spending or they will all go bankrupt. Of course, they actually don't cut prices at all. Then all the dummies think that they ARE cutting prices and they go rushing in to get all the "good deals". By the time Thanksgiving rolls around, the retailers are tired of playing that game and they really do cut prices - for a brief period on Black Friday, but they limit inventory so only a lucky few people get the deals - then they raise prices right back up and the next batch of dummies go rushing in the first few weeks of December to get all the "good deals" Then the week before Christmas the retailers run a few more sales to keep the momentum up - and then everything is on hold until the after Christmas sales.

We aren't going to know anything about consumer spending in 2009 until January and in all liklihood it's going to be similar to 2008 - masses of buyers cramming the stores any time there's a REAL sale where the prices are, in fact, lower - then tons of browsing but no buying when there's no sales.

Christmas shopping in the US has turned into a giant game of chicken in the last decade - the retailers on one side constantly reminding the buyers that there's only X more days before Christmas and they might sell out any day - and the buyers on the other side daring the retailers to try to make it without below MSRP pricing.

[timdgrim]

Maybe it's time for the 'Bonnie & Clyde' days to come back when it comes to banks. They rob the people all the time, they just don't use a submachine gun, they use Wall Street.

[stuart-johns2]

Yesterday Wall Street was elated that the GNP had risen 3.5% for the past quarter and gained 200 points. Today, the DOW loses that same 200 points amid alledged fears that spending is too high. They did'nt know that yesterday???

Something weird is going on in this country.

[Marc_1986]

@stuart-johns

If you read the article, a report was released today that stipulated personal spending was down 0.5%. They did not have that information yesterday.

As we all know though, Wall Street tends to over-react to news, whether its good or bad.

[rightbehind]

The house of cards has fallen and they are trying to convince everyone it still stands. Like every card trick, it's an illusion.