Photo: Business Insider
ORIGINAL POST, SEE BELOW FOR UPDATES: And in the early going, we’re at our lows of the morning.The Dow is off around 210.
Banks are getting hammered: Both Morgan Stanley and Jefferies — the two banks that always get whacked when Europe is flaring up — are getting slammed again.
Oil is back below $97.
Keep refreshing this post for the latest.
Not helping things: It’s a holiday-shortened, low-liquidity week with all kinds of huge question marks hanging over the economy, including the impact of the Super-Committee failure (will it result in a downgrade?) and the future of the payroll tax credit, which has to be resolved within days.
Update: Jefferies, one of the banks we mentioned that’s getting hammered, has actually put out a letter denouncing “lies” being spread by an unnamed hedge fund.
UPDATE 10:55 AM: Things continue to take a turn for the worse. The Dow is off 290. Gold is getting hammered, and is below $1700/oz.
UPDATE 11:04: Dow off 310
UPDATE 11:35: “Buyer’s strike.” That’s how one trader we talked to put today’s action.
Update 11:40: It gets worse. Dow off 340
Update 1:05 PM ET: We’re a little bit off the lows, but barely. The Dow is off 300. Morgan Stanley is near its lows of the day, falling over 6%.