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    Here we go again: Stocks plunge on economic fear

    By STAN CHOE - AP Business Writer | AP – Thu, Aug 18, 2011

    NEW YORK (AP) — Stocks have plunged after more signs of economic weakness triggered a global sell-off.

    The Dow Jones industrial average is down 419 points, or 3.7 percent, to 10,991. The S&P 500 is down 53, or 4.5 percent, to 1,141. The Nasdaq composite is down 131, or 5.2 percent, to 2,380.

    In the United States, there were reports that more people joined the unemployment line last week than a week earlier. Gasoline prices contributed to higher inflation. And manufacturing slowed in the mid-Atlantic. Investors also worried about debt problems in Europe, where bank stocks fell on worries about their access to funding.

    The yield on the 10-year Treasury note briefly fell to a record low. And gold rose to a record high as investors moved into investments considered safer.

     

    1,292 comments

    • jj
      jj  •  8 mths ago
      BANKS keep Getting Bail out. Nice Bonuses this Year. 45 Million Americans on FOODSTAMPS or starving. 100 Million UnderEmployed or UNEMPLOYED. JOB CREATORS creating Jobs in China and India. What ever happened to our beloved Country?
    • Robert
      Robert  •  9 mths ago
      Notice this New York Times article sneakily fails to report that it's actually increased taxes on the "eeevil rich" that is hurting the creators of jobs and wealth. With the added burden of even greater loss of revenue to the Marxist's government, corporations cannot afford growing their businesses which would require hiring more people (job creation). If more folks had jobs, more would be paying taxes and buying stuff and paying taxes. Therefore the economy would grow and the IRS would gain more for Obummer to waste.
    • BrianR
      BrianR  •  9 mths ago
      It's all smoke and mirrors.
    • FlapJacks
      FlapJacks  •  9 mths ago
      I called my company-appointed stock advisor and s/he said everything is fine with my 401K plan. Leave everything where it is. All I have to do now is wait for retirement.
    • Peter Brendt
      Peter Brendt  •  9 mths ago
      Those stock traders show off once more their cattle mentality. One moohs and the whole bunch goes off in a stampede.
    • N
      N  •  9 mths ago
      No one has heard a word, an utterance, from Good Ole Secretary of State Pear Hips.

      Good Ole Hill, along with recently divorced Chels, and let's not forget Cigar Willy, quietly have gathered their belongings and have fled the United States to an undisclosed location...

      No thank you, no good bye, just up and left!

      Wonder Why, hmmmmm!
    • Who?
      Who?  •  9 mths ago
      Could'nt the stock plunge and the economic fears wait untill Obumbler came back from vacation, how rude.
      • anastasia
        anastasia 9 mths ago
        I havent had a vacation since 2008
      • Who?
        Who? 9 mths ago
        Anastasia I read that CBS says Obumbler is a workaholic. He would'nt know what work is, and hello from the gulf side of Florida.
      • Pat
        Pat 9 mths ago
        Obama has spent less than one third the vacation time that George w Bush had at this point in their presidencies. Surely right wingers can think of SOME way to criticize Obama without lying?
    • Barbara M
      Barbara M  •  9 mths ago
      no matter what happens the big dogs will not lose one red cent, don't they ever think about all children, women, and men are hungry,how many that does not have a roof no jobs. It is a very sad story. just do not understand how why it is this way. We are supeose to love one another not take all from the young, eledary, and poor..
      • Joseph M
        Joseph M 9 mths ago
        Even if we are not necessarily supposed to "Love one another", I don't see the value in trying to undercut each other. Capitalism has many fine points... until taken to the extremes. We have, errr I mean HAD anti-trust laws (that actually meant something) at one point in time. We are NOT better off today, with profit as the sole priority of companies.
      • Dan
        Dan 9 mths ago
        It's a control issue plain and simple. The wigs want you to address each other as 'Comrad."
      • Joseph M
        Joseph M 9 mths ago
        Dan
        listening to you is like listening to some one speak while they are at the dentist. Get everything out of your mouth, form a logical thought, then carefully utter to its completion.
    • Pete
      Pete  •  9 mths ago
      You just got to love these economic genius clowns who talk about being "dangerously close to recession" when you need only half a brain to know we have yet to get out of the recession that started in 2008.
      • Joseph M
        Joseph M 9 mths ago
        I peg the start of the recession back to when gas first hit three bucks. That's when the rock was thrown into the pond and the ripples started forming.
      • Referee
        Referee 9 mths ago
        IMO the recession started when it became apparent that Obama and the Democrats would control all three branches of Government back in the latter part of 2008. The money supply dried up to nothing. Anyone who had surplus funds locked them down in anticipation of Tax Increases and massive impending economic uncertainty connected with Demcrats spending like a drunken sailor. Until we get them out, there will be no recovery.
      • Fred
        Fred 9 mths ago
        REFEREE WHAT A STUPID FK U R.
    • J. PHIL
      J. PHIL  •  9 mths ago
      The American people & market has lost faith in the ability of our POTUS to understand
      our nation's crisis!! Currently,his overall approval rating is right around 39% with 53%
      disapproving and 8% who can't figure out "where he's coming from.."!!
      The recent Gallup Poll concerning the "overall satisfaction" of our nation's condition is
      also very interesting: 9% of Republicans & 8% of Independents are satisfied! And it's
      not surprising that: 19% of "DEMOCRATS" think everything is "rosy"!!!
      We need a "leader";not a "wish washy" undecisive & ineffective sweet talker behind the
      desk in the "Oval Office"!!! From the start it was about "the economy & jobs":Little did
      we know;that "HE" couldn't quite fathom the concept!!!!
      • Joseph M
        Joseph M 9 mths ago
        Cool, I get that... but the crisis started long before Bush left office... can we lump him into your theory too?
      • Bob
        Bob 9 mths ago
        The crisis started when the Democrats took control of Congress in 2006 so yes it does predate President Obama.
      • Referee
        Referee 9 mths ago
        Bob, I agree completely. The Crisis hit critical mass once it became clear that Obama was going to win the Presidency. Anyone with any sense locked down their liquid assets and money flow dried up to nothing. It will stay that way until the bulk of the threat of the Democrats in office has been removed.
    • Michael
      Michael  •  9 mths ago
      Fasten your seatbelts Ladies and Gentlemen, it going to be a wild ride...
    • Aldoro
      Aldoro  •  9 mths ago
      our market, economy, jobs will NOT recover until obama is behind us in the rear view mirror, like our nation all slowed down to pass a bad accident beside the road. All taxpayers must all work work work to make him a 1 term president since obama is a glib, charming, highly skilled oratory lawyer; he has the majority 51% of the voters who pay no tax in his pocket, 70 million who get govt checks, all the local state federal union govt "workers"; and obama is an expert on the constitution, so he knows how to evade it
      • STOP the MADNESS!
        STOP the MADNESS! 9 mths ago
        well said, impeachment is too good for him
      • Moses737
        Moses737 9 mths ago
        SorryAldoro but Obama is not the only one that had to obey the New World Order International Bankers/Illuminati kingpins; Bush started our downfall; and Obama the socialist is just following what they say to do. And it is also the fault of our Congress whom the globalist banksters have bribed and also made rich. And now; they will collaspe our economy so that they can have their One World Luciferic Order. But hell awaits them and their tormentings will be extremely great for all the death and destruction that they have and will cause.
      • Max Reiner
        Max Reiner 9 mths ago
        And he is an alien, not born in the USA. So, in the first place, he does not qualify to be President of the USA.

        That's how f.u.c.k.e.d this country is to get him elected.
    • Steve
      Steve  •  9 mths ago
      Why can't stocks plunge on the day 401K contributions are made? Its always a green day on those days...
    • Francis
      Francis  •  9 mths ago
      Let the economy fall,may be these countries could concentrate for their countries rather than destroying Africa and killing people by supplying weapons to rabels.
    • Anita
      Anita  •  9 mths ago
      yahoo you need to fix this
    • Solely Owned
      Solely Owned  •  9 mths ago
      Why is the SEC shreding documents, and even worse why is there a civil case investigation of S&P ??? There cetrtinally apears to be fraud.
    • Solely Owned
      Solely Owned  •  9 mths ago
      Here we go again. What to do about investing at this time, is gold on a bubble?
    • Dee
      Dee  •  9 mths ago
      Yesterday Obama gave his speech on jobs in America. Proof that when Obama speaks, Wallstreet listens....& even they know he is an idiot..... We are doomed.....
    • WakeUpAmerica
      WakeUpAmerica  •  9 mths ago
      AP & Mr. Choe, What kind of title is this" Here we go again"??? WAKE UP ALREADY and smell the roses, see the forest through the trees - Wall Street is in the predicament because they let themselves be led astray like a schoolkid! YOU CAN'T SPEND YOURSELF OUT OF this DEBT CRISIS and expect to come out unscathed! With the INEPT and INCOMPETENT NON-leadership of the Obama-nation agenda and administration we Americans are blowing in the winds of catastrophe and ruin! We ALL know, including the Kool-aid / Pablum gulping sheeple, that their will be NO WEALTH REDISTRIBUTION, NO Obama-MONEY for the disinfranchished masses, only MORE of the same lefty elitist NWO LUNACY of progressive/socialist/marxist dogma until 2012 or until IMPEACHMENT procedings begin to STOP THE MADNESS of this empty suit Chicago southside community organizer and crew! He can't yell RACISM to get his way anymore, he's a LAME DUCK and the DIMS know it!!!
    • ArtzNoir
      ArtzNoir  •  9 mths ago
      Know it alls. And yet you voted for W. Bush TWICE!!! hahahahaha.............
     Post a comment
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