Stocks stumble on global slowdown concerns
Worries about Germany, Greece and Spain weigh on markets. S&P downgrades its outlook for the Asia-Pacific economy. Apple sells 5 million iPhone 5s over the weekend. Barron's says Facebook is worth $15 a share.
Updated 12:27 p.m. ETStocks fell Monday as global economic growth concerns again took center stage. Worries over a slowdown as well as the strengthening dollar pushed commodities and oil lower, further weighing on markets.
The Dow Jones Industrial Average ($INDU) was down 24 points at 13,556. The S&P 500 ($INX) was down 5 points at 1,455. The Nasdaq Composite ($COMPX) was down 23 points at 3,157.
With no major economic reports due out Monday, stocks may be in for another choppy session as traders look to extend last week's decline.
Asia Pacific economic outlook downgraded
Asian stock markets finished Monday's session mostly lower after Standard & Poor's downgraded its 2012 economic outlook for the Asia-Pacific region, citing the slowdown in China, the eurozone troubles and a weaker economic recovery in the U.S.
Meanwhile, as the land dispute between China and Japan over a group of islands persisted, a Bank of China adviser warned the slowdown in China's economic growth would persist into 2013.
Germany, Greece, Spain in focus
In Europe, stocks were decidedly lower as concerns over Greece and Spain intensified. Spain remains in focus this week, with the results of bank stress tests due Monday.
A German magazine reported that the country must close a budget gap of 20 billion euros, almost double the previous estimates, to satisfy conditions for emergency aid. Greece, however, denied such reports. Reports also indicated that France and Germany disagree on when to implement a eurozone banking union.
Adding to concerns were figures out of Germany showing that German business confidence dipped for a fifth month in September.
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Stocks to watch
Facebook (FB) shares slumped after Barron's said the stock is a bad investment and suggested the shares are worth $15.
Apple (AAPL) shares fell after the company said it sold more than 5 million iPhone 5 smartphones in the three days since the device's retail launch Friday. Apple said it sold out its initial supply of iPhone 5s. While the sales figure is better than the iPhone 4S, it is below some estimates.
Meanwhile, Apple supplier Foxconn Technology Group ordered one of its China factories shut Monday after a dormitory fight turned into a violent riot.
Lennar (LEN) shares rose after the homebuilder reported stronger-than-expected fiscal-third-quarter earnings. The average sale price of homes delivered in the quarter rose 4.4%.
Tivo (TIVO) and Verizon Communications (VZ) have settled pending litigation and reached a patent-licensing agreement. Verizon will pay Tivo at least $250.4 million in compensation, the company said. Tivo shares jumped after the news.
Questcor Pharmaceuticals (QCOR) warned the U.S. government it is investigating its promotional practices.
Yep the investment real estate guys are out there buying up houses left and right hoping to double their money when they resell the units later this year. Only they are merely selling them to each other creating an asset bubble fueled by Bernanke.
The stock market should be up 5 percent folks. It's free money on the table Bernanke has said he is opening up the printing presses full blast and has gone back to idea that the only thing better than printing $40 billion dollars of fake monies a day is printing $80 billion dollars of fake monies a day.
Of course the Wall Street bankers are going to steal this money before it hits main street's pockets but hey the super rich will become uber rich
The stock market is crazy to be headed down with this much monies on the table.
GM'S ALIVE - Yes, Joe but our ambassador is unfortunately, DEAD on YOUR WATCH
But GM's Alive !
Yes, Joe it's "alive" because the TAX PAYERS GAVE GM BILLIONS, IN NEVER TO BE PAID BACK "LOANS"
Ford is "Alive " too ! ( WITHOUT ANY GOV FREEBIES !)
The unions are really what old Joe is crowing about !
The unions are still alive to rape the tax payer and consumer is what old Joe SHOULD have crowed !
With Asia down an average of a half a percent, and Europe about three quarters of one....
Really hardly expect much upside here today....Dollar up, Gold/Silver down, and oil on a slide...
Wonder if gas/petrol will drop much this week or will we still be bending over...??
Ahhh, the week and day are young....But not I.
China needs to get the whip out and beat the children making the I Phone and get 5 million more made and distributed so the market can have another 1 day rally. Can you hear me?
The Fed with QE3 is the new mortgage conduit. Poor Fannie & Freddie can't compete with Bernanke and company. Where are Barney Frank and Chris Dodd when we need them?
Romney is still being demonized after revealing he paid $1.9 plus million in income tax and gave charity donations of almost $4 million in his 2011 federal tax return. Harry Reid needs to retract his statement and apoligize for saying Romney paid NO TAXES for 10 years.
Beautiful fall weather in East Tennessee. Colors are changing in the Smoky Mountains and the air is cool and crisp. Hope everyone has a wonderful day. Do something positve for someone who is down and out. It will help your perspective on life.
When you've read to the end, come back and read this first paragraph again.
A Coil of Rage
The character of any man is defined by how he treats his mother as the
years pass...
need I say more about this person below other than there is no
character, no integrity but there is a ton of attitude and arrogance
that defines his shallow past and hollow future...
I rest my case.
I bought and read Obama's book, Audacity of Hope. It was difficult to
read considering his attitude toward us and everything American. Let
me add a phrase he used to describe his attitude toward whites. He
harbors a "COIL OF RAGE". His words not mine.
THIS IS OUR PRESIDENT -- HE'S RUNNING AGAIN, YOU KNOW! Is anyone out
there awake?
Everyone of voting age should read these two books by him: Don't buy
them, just get them from the library.
From Dreams From My Father:
"I ceased to advertise my mother's race at the age of 12 or 13, when I
began to suspect that by doing so I was ingratiating myself to
whites."
From Dreams From My Father:
"I found a solace in nursing a pervasive sense of grievance and
animosity against my mother's race."
From Dreams From My Father:
"There was something about her that made me wary, a little too sure of
herself, maybe and white."
From Dreams From My Father:
"It remained necessary to prove which side you were on, to show your
loyalty to the black masses, to strike out and name names."
From Dreams From My Father:
"I never emulate white men and brown men whose fates didn't speak to
my own. It was into my father's image, the black man, son of Africa,
that I'd packed all the attributes I sought in myself: the attributes
of Martin and Malcolm, DuBois and Mandela."
And FINALLY...........and most scary:
From Audacity of Hope:
"I will stand with the Muslims should the political winds shift in an
ugly direction."
Obama's secret dealings will be investigated when the Senate is under Republican control. Romney was never a member of the third party or used drugs like our current Presdient.
He has a great grin, and talks well but those might be the last two qualifications a person should look for . Romney would not adjust his taxes, he gave over 4 million to charity. You must be a Democrat your tax math is lousy , the corporate rate is 15% and 2 million more in charities claimed would not drop it to 9%. If you are going to shoot your mouth off speak with some intelligence.
If you want to judge character look at the auto bailout and who made out and the backdoor deals done by this Presdient on healthcare. Nebraska Senate race is example of what happes when people wake up to sleeze.
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