STOCKS TANK TO END ANOTHER DISMAL WEEK: Here's What You Need To Know

diver dive

Photo: Fire Horse Leo, Flickr

The good news: It’s the weekend.But first, the scoreboard:

Dow: -182.47
NASDAQ:  -39.83
S&P 500: -18.06

And now the top stories:

  • A miserable week — that saw record up-moves in gold and Treasuries — ended on another bout of heavy selling.
  • Yesterday, of course, was total carnage, with Europe having its worst day in two years, and big 4%+ decline in US markets. That continued in Asia, where everyone lost (Korea down 6.2%!), and then in Europe, where ongoing sovereign debt worries and concerns about bank funding are bringing everyone lower. There’s still no signs of any kind of Eurozone “solution” (something big, on the order of TARP), and if anything there are signs that existing mechanisms are falling apart (see: Finland’s demand for Greek collateral).
  • One source of concern: A report that came out Thursday night about a forex swap line being opened up between the Fed and the Swiss National Bank. In the early going, both UBS and Credit Suisse rushed out statements to the effect that they were fine liquidity-wise.
  • US futures were sharply lower in the early going, down around 2%. However by the time the open came around, things were actually looking better, and then there was actually a sharp 1% rally. But that didn’t last. Slowly and slowly the rally ground away, and then it straight-up ended in a hard selloff.
  • There was no data today, and not much corporate news. The one huge loser was Hewlett-Packard, which lost 20% of its value today. Not surprisingly, the big US banks were all lower, though mostly within the general range of the overall indices. Citi stood out to the downside, however, losing over 3.5%.
  • Meanwhile, state-by-state unemployment data came out today. Check out the 10 worst states here >

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