Stocks are plunging and Treasury prices are soaring in the first half hour of trading today.
Overseas markets followed the trend started on Firday of the heavy selling that took off after consumer confidence came in weaker than expected. It turns out that the biggest “V-Shape” thing in the minds of American consumers is the trench of debt in which they are still stuck.
Last week’s consensus about the emergent economic recovery looks like this weeks obvious contrarian signal.
Dow Jones industrial average was down nearly 200 points but has now recovered to around at 9,142.32 for a loss of around 180 points. Standard & Poor’s 500 index is down 21 at 982, while Nasdaq composite index is down 42.72, at 1,942. On the New York Stock exchange, down volume outpaces up by about 20 to 1.
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