Stocks plunge as Europe nears 'tipping point'

[jannyk]

Source: CNNMoney

A sell-off in U.S. stocks accelerated Friday afternoon, as bad news out of Europe kept piling on.

"There's a lot of nervousness that Greece could default this weekend, and Greek bonds yields keep rising," said Joe Saluzzi, co-head of equity trading at Themis Trading.

Reports said Germany is preparing to shore up its banks to protect them against a Greek default. If Greece's bonds become worthless, that can trigger capital-requirement problems, and a lot of major banks could go under, Saluzzi said.

"The financial contagion could be pretty bad, so investors are getting out now and waiting to see how all of this will shake out," he added.

Read more: http://money.cnn.com/2011/09/09/markets/markets_newyork/

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Market is off 300+ points currently.

[msongs]

1. speculators creating rumors to fatten their income - preying on the innocent nt

[Common Sense Party]

3. Would you care to explain how they are doing so?

[davidwparker]

6. +1

Wouldn't it be nice if Greece pulled out the Eurozone and backed its drachma by its own gold?

[Yo_Mama]

8. I don't think so

US bank deposits are rising too fast. It looks like a lot of banks or entities in Europe are moving money here.

Greece most definitely will default, but there are many other troubled countries too.

[Common Sense Party]

2. Correction: The Dow Jones Industrial Average is off 300 points currently

The DJIA is not "the market." It's only 30 stocks.

The S&P 500 (which isn't the whole market either) is off about 2.5%, the NASDAQ about 2.2%.

[Roland99]

4. Contagion: It's not just coming to a theater near you.

[trud]

5. I only own one thing in the stock market

Vanguard Wellesley. I leave it alone and so far, cross fingers, it does fine long term. I did not put more in it than I could comfortably lose, however, the only way to be invested in the stock market, imho.

[AlbertCat]

7. It's up, it's down the next day. It rallies the next, plunges the next....

What can we all deduce from this roller coaster ride?


The stock market is a bunch of bullshit with people trying to predict the future of complex events. Chaos Theory tells us this is an impossibility. The market is not science; there are no experts. It's just a self-important Milton Bradley game.

Too bad it can destroy people's lives.

[fascisthunter]

9. Wall Street.... where nothing useful to America is Produced

[Rosa Luxemburg]

10. well, they could get rid of all the stock markets too

[Odin2005]

11. It's a rigged CASINO.