- The Bull And Bear Arguments
- The Big Issue For Stocks: Selloff In Materials
- Why Stocks Were Lower
- Sell Into Rallies Still Rules Street
- Markets Oversold, Traders Bearish
- How Today's Market Took Step In Right Direction
- Why Buying Remains "Muted"
- How Bad Is It? Even Liquor Sales Are Down
- Ending One Strange Quarter--No Other Way To Describe It
- Bear Market? Not There Yet
- EU Opens Probe in BHP Billiton Bid for Rio Tinto
- Worse Car Sales Decline Expected in Western Europe
- Euro Banks Need to Raise $90-$140 Billion: Goldman
- BSkyB Mulls $4 Billion Bid for Spain's Digital Plus: FT
- On the Bright Side, Shopping Bargains Abound
- Euro Stocks Fall as Goldman Note Hits Banks
- Return of Asian Currency Crisis Is Unlikely: ADB
- European Shares Set to Open Flat as Holiday Shuts US
- Airbus to Sell Five A380s to Japan's ANA: Nikkei
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The Dow has dropped 450 points in the last two days. Most of this is due to the record high price of oil, but at 2 PM ET today the markets dropped further as the Fed came out with its minutes, wherein they:
--Ratcheted down the growth outlook
--Ratcheted up their outlook for inflation and unemployment
--Said further rate cuts were unlikely
The overall market dropped on that news. The immediate effect was that buying spiked up--the CBOE Volatility Index (VIX) had its biggest one day move since March.
Home builders dropped to their lowest levels since March, with stocks like Ryland [RYL
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] down 9 percent, Centex [CTX
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] and Lennar[
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] down 7 percent.
Not quite as bad for the brokers, but most of them are also at the lowest levels in a month; Lehman [LEH
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] down 5 percent, Morgan Stanley [MS
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] down 4 percent.
Perhaps of greater concern is banks, where the Bank Index (BKX) is again approaching multi-year lows. Bank of America [BAC
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] hit a 5-year closing low. Citi [C
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] down 4.7 percent, Wachovia [WB
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] down 3.7 percent, JP Morgan [
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]down 3 percent.
Finally, airlines were a complete disaster, with AMR [AMR
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] dropping 24 percent as it announced it was cutting is flight schedule, cutting jobs, and will begin charging $15 to check in a bag ($25 for subsequent bags).
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