Crazy end to a crazy week!But first, the scoreboard:
S&P 500: -9.51
And now, the top stories:
- The first thing you need to realise is that stocks have been riding a really wild, 8-day winning streak, which has wiped out basically all losses for the year. The ride up was jaw-dropping, as fears about the economy and Europe moved to the back burner.
- All those fears came back with a vengeance today. Italy is suddenly looking like a huge wreck. If it got to be a Greece-like situation, it would be exponentially more problematic. The economy is mediocre, and the political situation is a mess. People are dumping banks and bonds. This is scary stuff.
- US markets were basically serene about the whole thing in anticipation of the jobs report at 8:30 AM. Everyone was expecting good things after two weeks of decent data, strong markets, and yesterday’s killer ADP number. And then it was a total disaster on virtually every level. Nobody found a silver lining at all. You can see the ugly details here.
- Naturally, stocks instantly tanked on the news. The Dow fell over 100 points in early going. It looked like the wheels could come off, and again, given the huge runup. But then, markets rebounded. Granted, it was still a tough day, but 65 points lost on the Dow? Please. That could have easily happened on better news.
- What’s more, in terms of corporate movers, some of the hot momentum names gained: SodaStream, LinkedIn, Apple, and Netflix (!) all closed higher. Banks got whacked.
- Now click here to see the new scariest jobs chart ever >