Stocks Hit A Wall And Tank: Here's What You Need To Know

crash test

Photo: wikimedia commons

A day after Friday’s Mega-Tepper-Rally, stocks slipped.But first, the scoreboard:

Dow: -46.25
S&P 500: -6.29

And now, the top stories:

  • It looked like things were going to be pretty bullish when things got going in Asia overnight. But Japan and China surged. Ongoing tensions between China, the US, and Japan (tariffs, captured fishing boat captains, and detained Japanese videotapers) didn’t seem to have much impact on the market.
  • European shares started off strong, but ended weak. Moody’s whacked the debt of Anglo Irish Bank by three notches. Irish bond spreads continue to widen.
  • The US didn’t have much in the way of macro news. Both the Chicago Fed and Dalls Fed indices were pretty weak, though neither seemed to roil the market all that much. Once again, the day was characterised by low volume and low volatility.
  • The biggest news of the day market-wise was that shares of Progress Energy experienced a mini flash crash, losing almost all of its value in a few seconds.
  • After the bell, Research in Motion is unveiling new products, including, perhaps, its competitor to the iPad. Follow the action LIVE here.
  • On the currency/macro front, there wasn’t anything too huge. The Yen continues to strengthen, giving them heartburn in Tokyo. The euro made a run at $1.35, though it couldn’t quite hold it.

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