Stocks tumble as ECB disappoints traders
The central bank's chief outlines possible steps to stabilize stressed eurozone borrowing costs. The euro weakens as Spanish and Italian bond yields climb. US jobless claims rise. Factory orders slip.
By Andrea Tse and wire reports
Stocks fell Thursday on disappointment that the European Central Bank's latest policy announcement lacked any strong signal on stimulus action.
ECB President Mario Draghi said at a press conference after the ECB meeting that policymakers may undertake outright open-market operations, may push ahead with fiscal consolidation and may consider undertaking further nonstandard measures as economic growth in the eurozone remains weak. He said the current high sovereign bond yields are unacceptable.
The euro eased after the ECB announcement, while Spanish and Italian 10-year yields rose.
The Commerce Department reported that factory orders fell by 0.5% in June, the third decline in four months, The Associated Press said. Orders for core capital goods declined by 1.7%, and demand for heavy machinery and computers dropped. Orders totaled $465.8 billion, up 42.5% from the recession low in March 2009.
In corporate news, Bristol-Myers Squibb (BMY) suspended a mid-stage study of its experimental hepatitis C drug BMS-094 because of a serious safety issue believed to involve heart failure, according to ISI Group analyst Mark Schoenebaum. BMS-094 was the sole reason behind Bristol-Myers' $2.5 billion acquisition of Inhibitex in January.
American International Group (AIG) is looking to buy back a large number of its shares from the government in a push that could make the U.S. a minority shareholder by fall and allow the insurer to fully repay its bailout sooner than expected, The Wall Street Journal reported.
Another one of those misleading, BS stats. Government spending at an all time high. Coming up on $6 TRILLION in new debt added to the debt load. State and city governments decimated while the Federal Government has grown. And, no planned end game in sight!
4 More years of the Obama Administration is agreeing to a $20 TRILLION national Debt load and less value for our purchasing dollars.
HERE COMES THE COMMIE SPIN !
uhh - if he ran for office of POTUSA and made all kinds of campaign lies , the excuse when he FAILS , can't be he didn't know !
Sorry, that doesn't fly and it gets you fired in the real world.
That's NOT LEADERSHIP.
Can you imagine a coach of a team or a new CEO saying -- I didn't know it was this bad before I took the job?
A) It totally speaks of your STUPIDITY of not knowing , researching , exploring , KNOWING in fact, what you actually speak of. Does that mean all his campaign lies should not be held accountable, now because he "didn't know" ?
B) It shows awful leadership skills and abilities but that's what we get when dolts elect a "community organizer" to become POTUSA
C) The enormity of what he doesn't know , even NOW is overwhelming !
The only true statement he ever made was--- he doesn't know , he doesn't know !
THIS STORY HAS BEEN EDITED AND APPROVED BY THE ACLU/ ACORN FOR POLITICAL CORRECTNESS !
Barrack the RaCcoon
One day about a decade ago, while driving through Chicago, in my Mercedes S class Convertible, a RaCcoon suddenly jumped into the car.
I was very concerned about getting attacked , rabies, etc but the RaCcoon promptly introduced himself as a Jr. Senator from Chicago. He explained that he had to jump out the window of Tony Rezko's house because the cops were coming to bust poor, old Tony, for embezzlement !
Of Course Barrack the RaCcoon had nothing to do with it , he explained, he was just a guy from the neighborhood .I asked him why he just didn't jump into the beautiful , empty lot right next door to Rezko, instead of my car. He smiled and said don't worry about that , I got that covered! Drive on.
Still in a daze, I asked this RaCcoon how did he ever learn our language ? Barrack the RaCcoon said he has a college degree with very, very high GPA. and he has a very high IQ, to boot ! I became skeptical and I asked him to prove this point , he became very feisty, said sorry, his transcripts were sealed forever! Just take his word for it, he's real smart.
I asked where we are going and he said to Bill Ayers birthday party out in another suburb about 1 hour away.
Silence reigned for a few moments , when Barrack the RaCcoon suddenly asked if I would like to hear his I have a Dream, vision. You means dreams of finding my Daddy, Barrack ?
No, no - been there , done that.
What then, Mr. RaCcoon?
I have a dream ----
Hope and Change would be someday coming to Amerika and a vision of a welfare utopia where no people of color or even white trailer trash, ever needed to work ! His dream of taking the non tax payers from 49% of the population to 70 % of the population ! Illegal's would be welcomed with a red carpet ! Free medical and they never , ever, need to pay a dime in taxes for their entire lifetime ! Not one dime and they don't even need to learn English !.
(For the sake of "fairness", we must note Strawberries are only $3.00 a PINT !) Thank you , illegal's, thank you!
To continue on the I have a Dream moment of Barrack the RaCcoon --
No person of color should EVER have to pay one single dollar of taxes !
Of food stamps and welfare increasing 45% under his regime.
Of creating a communists utopia of state run auto industry and health care !
Of racist black people controlling the government. Our attorney general being one of them.
Of lesbian, communist leaning , supreme justices.
He told me our real leader is George Soros, super commie.
When I asked , how in the world can the 30% who work pay for the upkeep of the 70% who do not, he simply smiled and said -- Think , Greece!
But yes, Barrack, Greece is going belly -up, isn't it ?
He smiled and replied, you learn fast, don't you !
We arrived at Bill Ayers hose and the "Rev" Wrong came to the car, asked what Barrack was doing with a honky, looked at me and said G DAMM America !
I drove off, hoping to distance myself from Barrack the RaCcoon.
Yes, I learned many things from Barrack the RaCcoon that day , the best being not to trust him with your money.
After he got out , I noticed my wallet was missing and replaced with small "change" and a little card that said "hope".
oh, that Barrack the RaCcoon, I wonder where he ended up, these days?
Copyright © 2012 Barrack Hussein Barry Soetoro Obama. All rights reserved
Romney will own the economy on day one! He will not blame Europe, or this potus and his corrupt DNC cronies for all our troubles... He will simply go about reducing the size and influence of the Federal government, and restoring fiscal sanity.
The fraud, waste and abuse unfolding at GSA (now over $100 Million) is just the tip of the ice-berg. Almost all government agencies waste and squander our tax money. No tax increases until they clean out their closets.
"Stock futures decline after ECB annoucement"
In other words, the statements that Bernanke and Draghi made last week were nothing but total BS.
I DID! And it was very filling!!! (and yummy, too)
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
[BRIEFING.COM] The S&P 500 settled lower by 0.8% after early strength turned into afternoon weakness.
Today's headline event came in the form of Ben Bernanke's testimony before the Joint Economic Committee. During his remarks, Chairman Bernanke said premature tightening of monetary policy could stall the pace of recovery. This followed weeks of conflicting remarks from FOMC members, which sparked speculation regarding possible changes to the Fed's policy course.
However, ... More
More Market News
|There’s a problem getting this information right now. Please try again later.|
LATEST MARKET DISPATCHES
- No more Dispatches; here's where to find market news
The Market Dispatches column has been discontinued. Here's where to find the latest stock and business news on MSN Money, and the latest from market writer Charley Blaine.
- Dow falls 59 as late-day gloom kills a rally
- Stocks held back by fiscal-cliff worries
- Stocks suffer worst weekly loss in 5 months
- Dow off 121 as post-election swoon continues
- Dow slumps 313 after Obama's re-election
- Dow jumps 133 as Americans head to the polls
The market's cheap money addiction is laid bare. No one knows how it will end.