U.S. stocks tumble as Europe worries grow

invisibleSHIELD case for iPad“U.S. stocks tumbled Tuesday in a broad decline that pushed the Dow Jones Industrial Average below 11000 as concerns grew about Europe’s ability to contain a financial crisis,” Kristina Peterson and Donna Kardos Yesalavich report for The Wall Street Journal.Tuesday marks the Dow’s fifth day of triple-digit moves in six sessions. The measure is now at its lowest since April 8 and is on pace for its second-biggest one-day drop this year.”

“The Nasdaq Composite dropped 3.2% and the Standard & Poor’s 500 index was off 2.5%, with all of its sectors in the red, led by energy and industrials,” Peterson and Yesalavich report. “The broad drop follows a decline in European markets that showed a lack of confidence in the Greek bailout package. The euro fell to a 12-month low against the dollar as doubt surged over whether the Greek government can carry out the strict austerity measures required in the aid package. ‘Today, the concern yet again is the euro zone and debt worries with the Greek bailout package, that it might make it harder for the EU to rescue any other countries that are working their way toward trouble,’ said Elizabeth Miller, president of Summit Place Financial Advisors. ‘There’s certainly a big focus on Portugal and Spain.'”

“The market has fluctuated in recent days between relief over the package and skepticism over whether it will be enough to stop Greece’s debt issues from spreading,” Peterson and Yesalavich report. “Ms. Miller expects investors to remain fickle for some time as they struggle to assess the state of the euro-zone debt issues, whether they can be contained, and how much has been priced in.”

Peterson and Yesalavich report, “Apple fell 3.3%. U.S. antitrust enforcers are taking a keen interest in recent changes that the company made to its licensing agreement with iPhone application developers and are likely to open a preliminary investigation into whether the company’s actions stifle competition in mobile devices, according to people familiar with the situation.”

Full article here.

MacDailyNews Note: Apple is currently down $7.53, -2.83%, to $258.82.

32 Comments

  1. “Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.” – Thomas Sowell

    Don’t let Obama and the Libs in congress lead the U.S.A. down into the gutter of entitlements and stagnation like Europe.

  2. “One of the consequences of such notions as ‘entitlements’ is that people who have contributed nothing to society feel that society owes them something, apparently just for being nice enough to grace us with their presence.” – Thomas Sowell

  3. this has everything to do with people that have a lot of money. They report there is good news with europe… stocks go up record high. then next day.. ok maybe they aren’t gonna do so well… stock plummet everything they went up

  4. “The assumption that spending more of the taxpayer’s money will make things better has survived all kinds of evidence that it has made things worse. The black family – which survived slavery, discrimination, poverty, wars and depressions – began to come apart as the federal government moved in with its well-financed programs to ‘help.'” – Thomas Sowell

  5. AAPL – Another interest demonstration of how, in spite of all the claims of “magic” by the CEO, investors really don’t see the company different or superior to the rest of the gadget tech world.

  6. As 2010 so succinctly stated, above, “Don’t let Obama and the Libs in congress lead the U.S.A. down into the gutter of entitlements and stagnation like Europe.”

    Don’t forget that the damned socialists caused the 1907 and 1929 market crashes, kidnapped the Lindbergh baby, caused the great London fire of 1666 and killed Enron.

    Damned socialists are responsible for the magic word, too! British.

  7. Funny to see once again that complete ignorance and wrong conclusions about the situation in Europe and its causes are fueling even more superficial opinions on U.S. home affairs. Typical American.
    Europe is in the process of creating an internal market. Not very socialistic, or is it. Too bad there are some serious flaws in the Euro treaty. We were not able too check the balance of the Greeks, who prove to be not trustworthy.

    Best regards from Apple lovin’ (northwestern) Europe!

  8. “Not above it
    AAPL – Another interest demonstration of how, in spite of all the claims of “magic” by the CEO, investors really don’t see the company different or superior to the rest of the gadget tech world.”

    What are you on about? In a period of uncertainty, investors flee first, and think later. The drop in Apple share price has nothing to do with Apple fundamentals. Investors weren’t considering differences or superiority to the rest of the gadget tech world.

  9. So many people here with blinders on…. people so caught up in one-sided, misguided loyalty to a party that they honestly think our current President is somehow responsible for the mess left by 8 years of the Shrub in office.

    While it is true that the foundation for our financial crisis began in 99 with Clinton’s repeal of the Glass-Stegal Act leading to a woefully under-regulated financial sector, Bush had 8 years in which to right the ship. In that regard he failed, completely. There were plenty of warning signs, there was a lot of time, yet he squandered all of it. Now the current administration has inherited this mess, and you brain-dead lot spew your sour-grapes bullshit every chance you get. Had McCain won, we would either be in a similar or worse scenario now financially, and all of you would be making excuses rather than crying foul.

    Bottom line is that it took nearly a decade for this financial crisis to bloom. Nobody, regardless of party affiliation, would be able to 100% fix any of this is such a short amount of time. You people lack both the ability to be realistic, and to manage yor expectations.

    Sad….

  10. To all the wingnuts here talking as if they know what the hell is going on outside of their own front door: the countries that are dragging down the EU are -with the exception of Spain- are run by CONSERVATIVES.

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