USA#1
02-27-2007, 11:28 AM
Global worries slam Wall Street
Dow tumbles 100, Nasdaq skids as investors eye selloff in China, thwarted attack on Cheney; bonds rally.
February 27 2007: 10:52 AM EST
NEW YORK (CNNMoney.com) -- Stocks plunged early Tuesday as investors eyed reports of slumping stocks in China and Europe and news that Vice President Dick Cheney was the target in a Taliban suicide bombing attack in Afghanistan.
A surprisingly weak read on durable goods orders added to the morning concerns.
[Only registered and activated users can see links]
The Dow Jones industrial average (down 122.41 to 12,509.85, Charts ([Only registered and activated users can see links])) sank close to 1 percent around 45 minutes into the session, while the broader S&P 500 (down 14.54 to 1,434.83, Charts ([Only registered and activated users can see links])) index lost 1.1 percent. Both blue-chip averages have fallen for the last four sessions.
The Nasdaq (down 35.12 to 2,469.40, Charts ([Only registered and activated users can see links])) composite slumped 1.5 percent, after having slid for the last two sessions.
Chinese stocks slumped 9 percent Tuesday - the worst one-day selloff in a decade - on concerns that the government would interfere to cool the speculation that drove the Shanghai market up 130 percent last year. (Full story ([Only registered and activated users can see links])).
Market sell-off: Year of the bear? ([Only registered and activated users can see links])
Other Asian markets slumped ([Only registered and activated users can see links]) in tandem. European shares also tumbled ([Only registered and activated users can see links]) at midday.
The slump in world markets exacerbated concerns that U.S. markets are also due for a selloff following a nearly 8-month advance that has sent the Dow industrials to record highs and the Nasdaq and S&P 500 to more than 6-year highs
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It looks to me like China took profits. And with about 50% of the country moving their 401k Portfolios to the international stocks ... looks like China got us again.
In 1987 they created the stock market crash ... they decided to not buy 30 Year US Treasuries, Banks had to reach into their own pockets and sell off securities to cover.
Since most stocks in China are part of the Government the Government of China just cleaned our clocks, by taking profits and now they are sitting on a ton of Foreign Investment Cash. They did it again.
Dow tumbles 100, Nasdaq skids as investors eye selloff in China, thwarted attack on Cheney; bonds rally.
February 27 2007: 10:52 AM EST
NEW YORK (CNNMoney.com) -- Stocks plunged early Tuesday as investors eyed reports of slumping stocks in China and Europe and news that Vice President Dick Cheney was the target in a Taliban suicide bombing attack in Afghanistan.
A surprisingly weak read on durable goods orders added to the morning concerns.
[Only registered and activated users can see links]
The Dow Jones industrial average (down 122.41 to 12,509.85, Charts ([Only registered and activated users can see links])) sank close to 1 percent around 45 minutes into the session, while the broader S&P 500 (down 14.54 to 1,434.83, Charts ([Only registered and activated users can see links])) index lost 1.1 percent. Both blue-chip averages have fallen for the last four sessions.
The Nasdaq (down 35.12 to 2,469.40, Charts ([Only registered and activated users can see links])) composite slumped 1.5 percent, after having slid for the last two sessions.
Chinese stocks slumped 9 percent Tuesday - the worst one-day selloff in a decade - on concerns that the government would interfere to cool the speculation that drove the Shanghai market up 130 percent last year. (Full story ([Only registered and activated users can see links])).
Market sell-off: Year of the bear? ([Only registered and activated users can see links])
Other Asian markets slumped ([Only registered and activated users can see links]) in tandem. European shares also tumbled ([Only registered and activated users can see links]) at midday.
The slump in world markets exacerbated concerns that U.S. markets are also due for a selloff following a nearly 8-month advance that has sent the Dow industrials to record highs and the Nasdaq and S&P 500 to more than 6-year highs
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It looks to me like China took profits. And with about 50% of the country moving their 401k Portfolios to the international stocks ... looks like China got us again.
In 1987 they created the stock market crash ... they decided to not buy 30 Year US Treasuries, Banks had to reach into their own pockets and sell off securities to cover.
Since most stocks in China are part of the Government the Government of China just cleaned our clocks, by taking profits and now they are sitting on a ton of Foreign Investment Cash. They did it again.