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It’s About Slowing Global Growth, Not Just Greece

Today’s decline: It’s about slowing global growth, not just Greece.

Here’s the headlines of today and yesterday:

1) Brazil: 2.7 percent gross domestic product(GDP) growth.

2) Europe in recession : Fourth-quarter GDP down 0.3 percent.

3) China: Cuts 2012 growth target.

Combine this with very modest expectations of 2.5 percent to 3 percent GDP growth in the U.S., along with uncertainty about the Greek debt swap deal, and you have the modest declines we are seeing.

I say modest for a reason: The gnashing, the wailing of teeth...heavens, you would think we had entered a New Dark Age.

With the S&P 500 index down almost 20 points at 1,345, we have now dropped to the lowest levels....since Feb. 15. That's right. We have lost the last 14 days of trading.

If we have a REALLY BAD DAY and we drop another 20 points...to 1,325, that would be the lowest levels...since Feb. 2.

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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