Markets Tank To End The Week: Here's What You Need To Know

agonyofdefeat

Bank earnings that beat estimates, and yet disappointed due to poor revenue numbers, and continued worries about the strength of the U.S. recovery brought markets down heavily today.

First, the scoreboard:

  • Dow down 2.52%
  • S&P 500 down 2.88%
  • NASDAQ down 3.11%

Notably, the euro is now trading at $1.29 and the pound is now near $1.53.

Now, today’s top stories:

  • Bank shares tumbled today on concerns over revenue weakness. Investors seem worried about banks lack of lending to the broader market.
  • Consumer sentiment posted its biggest one month drop since Lehman Brothers. The 9.5 point drop has only occurred 6 times in the 32-year history of the survey. 
  • Steve Jobs maneuvered Apple around “AntennaGate” today, offering free cases to all buyers of the iPhone 4.

Check out this quick primer on why everyone thinks the economy is headed into the toilet again >

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