Wednesday, August 10, 2011
I don't know if the cover of today's New York Post is helping me understand what's going on with the stock market, but at least the headline is funny, and humor might be our last resort against the impending economic doom.
Speaking of which, the Dow is tumbling again today as the markets prepare for some sort of European financial collapse:
Stocks extended their selloff Wednesday to wipe out most of the previous session's sharp rally as financials led the decline amid jitters over the U.S. economy and the ongoing euro zone crisis.
The Dow Jones Industrial Average plunged sharply, led by Disney and BofA, after surging over 600 points in the final hour of trading in the previous session. The blue-chip index has had triple-digit moves in four of the last five trading days.
The S&P 500 and Nasdaq fell almost 3 percent each. The CBOE Volatility Index, widely considered the best gauge of fear in the market, traded near 40.
All 10 S&P sectors slumped, led by financials, which tumbled about 6 percent.
In other financial news, the value of my jar of pennies remains unchanged today, even after a influx of six cents added late yesterday.