Much of the selling was also attributed to the fall in the Euro, and concerns about Europe in general. Gold and Oil also sold off as a result, while Bonds rallied.
Dell dropped after reporting earnings.
All time highs this week: AAP AGG(bonds) FDO
All time lows: YRCW GAME
We are now approaching the $13 trillion level on the national debt clock!
New unemployment claims rose unexpectedly this week, coming in at 471,000 (chart).
This week another bank was shutdown by the FDIC! (list).
Next week : We get a number of key Economic reports . The Treasury will also auction another $113 billion in bonds.
Market commentary: The market continued to sell off this week. I think there's a good chance we'll see a bounce next week. We are at very oversold levels. Longer term, the market looks like it want to go down further, as many key stocks have already broken down below the January/February lows, and in some cases broken below the 200 day moving average. Long term investors should use the bounce as an opportunity to lighten up positions or add some protection.
Commodities:
Oil prices continued to fall, closing around $70 per barrel.
Natural Gas also fell, closing around $4.00.
Gold prices tumbled, closing around $1176.
The US Dollar index was down a bit, and closed just over 85.
The 30 year Bond rallied, closing just under $125.
News:
U.S. stocks drop into correction on global growth worries
Global stock markets correct and head for bear territory
Bonds ring economic alarm bells
Surprise jump in jobless claims
Goldman Sachs Hands Clients Losses in ‘Top Trades’
Treasury yields fall to lowest levels of 2010
Bonds ring economic alarm bells
Debt overload, and the hunt for a successor to U.S. bonds
Senate passes sweeping Wall Street reform
Core Inflation at 44-Year Low
Seven worries for Wall Street, and what's next
The Death Cross in China
More homeowners choose to default on loans
Google Now Activating 100,000 Android Devices a Day
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