Stocks End Down Hard AGAIN: Here's What You Need To Know

hockey, new york islanders

At one point today, markets were off nearly 2%, so the action was not horrible for bulls. Perhaps the bleeding is stopped momentarily..

But first, the scoreboard:

Dow: -66.65
S&P: -5.8
NASDAQ: -18.9

And now, the key stories:

  • For the moment, markets have stopped freaking out about Europe and Germany’s boneheaded move to go after short-sellers. The euro has staged an impressive rally. The euro is now nearly at $1.24, which seems high, but remember, $1.25 was thought to be unthinkably low just a few weeks ago.
  • Cloture has failed in the financial regulation debate, meaning the debate will continue, and new amendments can come in. This is bad news for Wall Street, since there’s still a chance that some harsh amendments can be included.
  • Gold fell again to below $1190. A lot of gold-bugs-come-lately are already well under water.
  • New mortgage applications fell to a 13-year low in April. Welcome to the homebuyer tax credit hangover.
  • The NOAA is warning that once the big oil slick hits the so-called Loop Current, Florida has 10 days until impact.
  • Talk of China revaluing the yuan has roared back, though given the fall of the euro this seems unlikely.
  • Financial shares finally rallied today. Even Goldman Sachs was up, perhaps on optimism that financial reform will be weak.

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