THE MARKET IS GETTING WORSE: NASDAQ Off 3%, Dow off 240, Banks Getting Killed

UPDATE AT 2:50:

WIth a little more than an hour to go, markets are getting kileld even more.

The Dow is off about 240. The NASDAQ is down 3^, and the S&P 500 is down 2.6%.

All day has been a continuation and acceleration of the concerns that really got rolling in September, especially on the bank front. Morgan Stanley is down nearly 7%. At rival Goldman Sachs, CDS have hit their highest level since October 2008.

Bank of America is off over 8%.

Meanwhile, the euro is getting crushed, falling below $1.32.

Click here to see the 10 things everyone’s freaking out about today >

UPDATE: Since our initial post, the market’s gotten much worse, with the Dow of over 200+, NASDAQ down 2% 2.4%, and major selling in the bank stocks.

Morgan Stanley, which got killed on Friday, is down about 6% 8%.

Bank of America is off 5%.

Citigroup is off 5%.

Another huge loser today is airline AMR, which is off 38% on bankrupcty rumours.

The market is so revolted by risk right now, that even good economic news (which we got today) is having no positive effect.

 

 
ORIGINAL POST: Here we go again.

The selloff is on.

Major markets are off 1.5%.

The Dow is off about 100.

Financials are tailspinning.

Morgan Stanley, the big worry from last week, is off 1.4%.

Watch out.

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