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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.