ORIGINAL POST, CONTINUOUS UPDATES BELOW: And half an hour into the trading day, any hopes of having a nice restful day before Thanksgiving are being blown out of the water.The market is diving again, as Europe goes nuts.
What makes today unusual? Germany held a bond auction that drew in a shocking lack of demand, representing for perhaps the first time that a RISK OFF day did not see a big fat bid for German bunds. If this is anything but a fluke, than the infection of all of Europe is now complete.
Not surprisingly, the US banks are getting hammered. Bank of America is down to $5.23. Morgan Stanley is off another 3.5%.
We’ll be refreshing this post LIVE all day.
Update 10:21: And it gets worse. Dow off 165.
UPDATE 11:20: Still getting even worse. Dow off 191. Major indices off 2%. German bond yields have continued to widen throughout the day.
Update 12:47: Dow off 195. For a read, check out the 10 things investors are freaking out about right now >
Update 2:18: Lows of the day. Really getting ugly before the holiday. Not that Bank of America is now at $5.14, treading perilously close to the $5 level.
Update 3:16: We’re a touch off the lows after a rumour hit the market that maybe, possibly Germany is more open to some kind of Eurobond deal. Not much to hang your hat on. The Dow is still down 175.