[credit provider=”k.kazantzoglou on flickr” url=”http://www.flickr.com/photos/kkazantzoglou/3796382970/”]
Welcome back! The selloff is in tact.But first, the scoreboard:
S&P 500: -8.00
And now the top stories:
- In terms of attention and headlines, there’s no question that the arrest of Dominique Strauss-Kahn on 7 counts related to sexual assault was the primary area of attention. There were a lot of attempt to connect that news to the market — would it hit the euro or Greek debt or oil? — but there was no clear connection with anything. European stocks did get hit, although the euro was strong, and sovereign debt didn’t move too much. Click here to see the full charges against Strauss-Kahn >
- That being said, the situation in Greece is bad. Athens stocks fell hard (as did German equities) amid fears of an upcoming restructuring.
- The US market started on a negative note, and basically got worse throughout the day. Tech fell really hard, causing the NASDAQ to be today’s huge loser. Big names like Apple, Microsoft, and Google all fell 2% or more. Google announced its first ever bond offering. Yahoo fell another 5%, as concerns continue to rise about losing its Chinese internet assets. Speaking of Chinese internet stocks, all the big ones like Youku and RenRen fell hard again.
- Along with the losses in the momentum equities, the commodity selloff continues to be the huge story. Silver fell below $34. Oil fell below $98. What’s funny is that the dollar fell too.
- As for econ news, the most notable was the Empire State Manufacturing Index, which missed big early on, though it still showed growth.
- For some interesting reading, Morgan Stanley came out with a big guide to Chinese rail, and how to make money on it.