There are few words that appropriately reflect the negative action that
transpired in the U.S. stock market last session. It was a stock market
disaster, to say the least, and the major stock indices ended the day
disastrously lower. The final outcomes were the worst seen since the 2008
recession crisis. Many now wonder if yesterdays market performance is a knee
jerk reaction to the credit downgrade the U.S. experienced over the weekend, or
if it is part of a climactic progression towards more long term recessive
tendencies. The DJIA closed out the last session lower by 634.76 points at
10,809.85. This close was the first time since last November that the Dow fell
below the 11,000 mark. The Nasdaq was lower by 174.72 points at 2,357.69 and the
S&P 500 finished out lower by 79.92 points at 1,119.46. Last week was one of the
worst weeks overall for the stock market in years and now this week starts off
by attracting more attention for the wrong reasons. Financial stocks took the
brunt of the beating in the market place today but investors on Wall Street are
worried in a broad sense. In addition to the credit downgrade dilemma
experienced by the U.S., global debt problems are adding to the overall fear
being felt on Wall Street right now. The VIX fear index notched higher by 44
percent. Investors worries are spiking and this fear helped push contract gold
prices to record highs. Gold futures for December delivery climbed the ladder
higher by 3.7 percent to close out at 1,713.20 per troy ounce. The dollar also
moved moderately higher versus the euro and the British pound and oil price per
barrel dropped by 5.60 dollars. Investors hope to observe better news today from
the Labor Department and policy statement via the Federal Reserve. Frank Matto
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