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UPDATE:Just a few minutes to go, markets are tanking to their los of the day.
S&P off about 6%.
Dow off 600
Still horrendous, but markets have come off their worst crashy levels a little bit.
With the final hour of trading well underway, the NASDAQ is off about 4.4%.
The S&P is off 4.3%.
An ugly day is getting worse and worse, and a just concluded speech from Obama is providing no help at all.
Whereas things started off OK, the wheels have totally come off.
Also not helping: some fresh comments from Trichet bemoaning the loss of ECB independence.
- The NASDAQ is off over 6%.
- The S&P is off about 6%
- Bank of America is off 20% right now.
- Meanwhile, the 10-year yield has fallen to 2.32%, which is the lowest its been since 2009.
Tomorrow is Bernanke. Maybe he can save things?
Upgrade: Obama is speaking and it’s not lighting markets at all.
S&P and NASDAQ off 5%.
Obama was due to speak at 1:00, and now that’s been pushed back to 1:30, which is pretty characteristic of The President at this point.
It’s a minor thing, but it’s also not confidence-inspiring.
S&P is off about 4% — near its lows of the day.
Finally it’s begun. Follow here.