Another Mid Day Drop
Another midday drop out of nowhere, this time during the lunch hour, when the Dow dropped 140 points in a few minutes.
Pick your reason:
1) A Reuters headline: Euozone has no plans to rescue Italy, that hit near 12:30 PM ET,
2) The toxic combo of credit deterioration in Europe, DC deadlocked on debt negotiations
3) Large demonstrations in Athens.
Occupy Wall Street fallout? Notice Sallie Mae down 8 percent today. The Consumer Financial Protection Bureau, a Dodd Frank creation, says it is planning to collect public comments on private student loans.
Sounds like they are looking for signs of overcharging or other malfeasance. Traders note the administration is likely gathering info next year to show they are cracking down on exessive student lending fees and charges.
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