“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.
“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.
“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
Good posts 😀
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
“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
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.
The worst we see in others is just a reflection of what we can’t reconcile within ourselves.
Hey, we are becoming more like Europe!
Oh, happy daze!!!!
(BTW, nice pulls from T.S, an incredible mind)
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.
And thanks again to the dems who used this minor financial crisis to get their bozo into white house.
Payback will be a bitch
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!
“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.
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….
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.
Not to be too politically incorrect but…
Argueing (especially politics) on the internet is a lot like being in the Special Olympics…
Even if you win… you’re still retarded.
Capitalism works so well (Or should I say Sowell)
” width=”19″ height=”19″ alt=”wink” style=”border:0;” /> that 1 in 5 children in the U.S. live below the poverty line.
Unemployment is kept high in order to make the Military the only route for advancement for most.
I’m coining a new anagram HUYA – Head Up Your Ass
Anyone who blames the Greek/Euro crisis on socialism does nothing more than betray a complete lack of understanding of anything socio-political.
If it ain’t broke, don’t fix it. Wait a second… it’s broke.
@tclash: “a complete lack of understanding of anything socio-political.”
Okay, fair enough, then please enlighten us why Greece came to need a bailout… and now they are looking at Spain… and who’s next???
@ GeeOne,
At least in Greece, the country is NOT run by conservatives. The present party in power is the Socialist Party, which ran on campaign promises to raise government salaries, etc. 47% of the workers in Greece are government employees, the workers’ union is all-powerful, the government employees get paid for 14 months instead of 12, and they even get their full salary when they go on strike! The government’s deficit got to the point where something needed to be done — reigning in the spending — but those on the receiving end are all up in arms.
so, if obama gets the blame for the market being down 245 points today, does he also get the credit for it being up 5,000 points from a year ago?
/why is this even on MDN, btw?
Huya
that poverty line for Americans is called ‘middle class’ in many other countries.
Also, most of those stats are BS made up to get more funding.
Add up all the ‘1 in blah-blah people have this or that illness’ and you will probably find we are all dying……
@nsapap
While your facts are right on target, you might as well save your breath (or keystrokes) – logic, reason, facts – all inconveniences to the progressive marxists. The only thing that drives them is their religion of total governmental control.
There is no reasoning with them I’m afraid… they just aren’t listening…. They know that they totally fail in the arena of ideas, in the halls of truth. They are typically reduced to repeating their Marxist talking points, personal attacks, or outright lying (such as Nobama stating while campaigning that he is NOT for a public option in health insurance, while simultaneously in private telling his handlers at ACORN that he is all for the public option. Such as Nobama stating he knows little about ACORN publicly, while telling an ACORN rally that he is in step with them, and he will call THEM for advice, not the other way around…
Sad really… most of these Marxists in USA don’t really know what will hit them if we (shudder…) become a Marxist paradise. Sadly, most USA Marxists can’t/won’t look at the total failure that marks EVERY SOCIALIST REGIME.
I’d like to thank the Sarah Palin conventioners for their words of wisdom. Sorry guys, but the political boards are somewhere else. This is a tech site.
kthxbbai
If you are an investor rather than a speculator, you put your money down based upon the fundamentals of the stocks- not on the surrounding market with but only a few exceptions. Good companies that are well run will always rebound while eventually the poorly run ones will show their true colors.
Many times a good company’s stock will fall because of profit taking by large institutional investors trying to spruce up the sheet at the close of a quarter or FY, other times countless small and large investors will sell off a good stock they know will sell in a downdraft to gather funds for margin calls on the crap they got burned on.
If you are not a day trader playing the rises and dips making micro profits the daily price changes should make little difference to you other than seeing a buying opportunity or possibly a selling opportunity when a good stock is way overpriced due to speculation.
Otherwise, worry no if you are a long term investor about the day to day vagaries of the stock price.
As to the political comments above, the US is not a socialist country and does not have a European-style social democracy. I should know- having lived in Europe and in the United States. Despite all the overheated rhetoric, Obama is governing more in the mold of a moderate Republican President instead of a Liberal New Deal Democrat. If you open your eyes and use your brains and check out the facts you would see that this is the plain and simple truth.
BTW- I am not a registered Democrat and did not vote for Obama. I did, however, work for the Reagan campaign in 1980 when he won the Presidency the first time.