whew, good thing we avoided the catastrophe!

[RIJIMMY]

looks like the outlook is MUCH better now that we have a clear path....
I guess wall st was happier with a pending default instead of the crap that was passed!

NEW YORK (AP) -- A sell-off is erasing all of the year's gains in the stock market.

The Standard & Poor's 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year.

A report that consumers cut their spending in June for the first time in two years added to a series of weak economic indicators have pushed stocks lower for seven straight days.

(Spence - this is market volatility! Not the gradual decline we seen over the last few weeks!)The S&P is closing down 33 points to 1,254. The Dow Jones industrial average is down 266, or 2.2 percent, to 11,867. The Nasdaq is down 75, or 2.8 percent, to 2,669.

[scottw]

did you really think it would last???

this is the Obama bubble...filled with hot air and flowery rhetoric, borrowed money and not a bit of substance...

[JohnnyD]

Originally Posted by JohnnyD

When that day happens, I'd bet the market falls 3-5% the day of the default and another few percent when the credit rating (which is should be decreased anyway) is reduced, recover a few points as people buy in on bargain priced stocks and then sit stagnant in a "150pts up, 150pts down" day to day trading like the market has been doing for a few months now.

I'll tell you though, anyone with some liquid cash on-hand should dump as much as they reasonable can afford when the Dow gets down near 11,000.

Guess I was only half right. The report on consumer spending didn't help things...

[scottw]

Originally Posted by RIJIMMY

looks like the outlook is MUCH better now that we have a clear path....
I guess wall st was happier with a pending default instead of the crap that was passed!

NEW YORK (AP) -- A sell-off is erasing all of the year's gains in the stock market.

The Standard & Poor's 500 lost 2.6 percent Tuesday as investors grew increasingly concerned about the economy. The benchmark index is now at its lowest point of the year.

A report that consumers cut their spending in June for the first time in two years added to a series of weak economic indicators have pushed stocks lower for seven straight days.

there is more...

Manufacturing's woes may be just beginning
Latest figures show troubling slowdown; debt deal unlikely to help
8/1/2011 The good news: Manufacturing is still growing, although at the slowest pace in two years. The rest is all pretty much bad news.

New factory orders are down, manufacturing inventories have been slashed, order backlogs are shrinking and employment is flat. That is the news from the latest batch of reports on the manufacturing sector.

"The brief manufacturing recovery has stalled. This report gives us little reason to believe that the coming months will be any better," Scott Paul, Executive Director of the Alliance for American Manufacturing said in a statement, referring to the Institute for Supply Management's survey of manufacturing activity in July, which came it at 50.9.

That is just barely above the 50 level which is the difference between growth and contraction, and well below the 54.9 reading that had been expected.

hey, but that "aero manufacturing" is just sizzling...oh, and this is an MSNBC article..not from a crazy "right-wing" tea party terrorist blog

[JohnnyD]