MARKET PANIC GATHERS STEAM: DOW OFF OVER 300

Markets are getting destroyed today on a raft of concerns about the economy. Most notable is the crisis in Greece, which is watching its stock market evaporate, even after a recent bailout of Greece that was designed to stem the contagion.

This is just part of the story, of course. US data continues to come in weak, and the budget tightening associated with the debt ceiling deal has the markets remembering past premature tightenings in the middle of the recessino (Hello, 1931).

This is the worst of a big, multi-day selloff. Stocks had been falling for 8 straight days prior to yesterday, when some headlines about QE3 saved the day.

Numbers are below

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Update III:

Dow off 280, now 300, now 360 now 300, yadda yadda…

Update II:

Now the Dow is off 260, and the NASDAQ is down 2.7%.

Naturally, US yields are collapsing, as seen here.

In Italy, the indices are off 5%.

 

Update:

MORE panic.

Dow off 200. The index has now lost over 1000 points since its July 21 high.

NASDAQ off 2.2%.

Gold hitting new record highs.

 

Original¬† post: And there it is… again.

180 points wiped off the Dow on all the same fears: Italy, the weak US economy, and so on.

chart

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