US Stocks In Broad Decline As DJIA Remains Near November Lows

[Purveyor]

Source: MARKETWATCH

Taking cues from overseas selling, U.S. stocks continued to decline broadly Tuesday in a move that earlier knocked the market within easy reach of its bear-market lows.

Underscoring renewed intensity of investors' jitters over the global economy's weakness, large banking stocks have slid rapidly across the globe. In the U.S. the tone isn't much better as investors continue to bet on more banking failures and the sentiment seems to signal that any move out of Washington may not be enough.

The Dow Jones Industrial Average was recently down 265 points, or 3.4%, at about 7589, close to its Nov. 20 closing low that have so far marked the bottom of the recent swoon.

The Dow's financial components once again led the way downward, with Bank of America off 10% to $5, JPMorgan Chase off 10.4% to $22.14, American Express down 10.3% to $14, and Citigroup off 9.7% to $3.16.
"The financials are still the biggest concern for this market," said Wachovia Securities strategist Al Goldman.

Read more: http://www.marketwatch.com/news/story/us-stocks-broad-decline-djia/story.aspx?guid={17CC3A38-EDFB-46FB-886D-A513347BF57C}&dist=msr_1

[CatholicEdHead]

1. The key here is "taking cues from overseas selling"

since the 'World is Flat', what happens overseas does effect things here. Obama's plan cannot fix the world economy on its own. It will take the entire G7 to turn things around as it is a global problem.