Stocks got crushed today. The primary indices in the U.S. were all
significantly lower today and closed out red across the majority of the primary
stock index tracking board. The Dow Jones lost over 400 points as it closed out
at 10.990.58. The Nasdaq closed out lower by over 130 points at 2,380 and the
S&P 500 finished lower by over 50 points at 1,140.65. The Morgan Stanley report
is hovering over Wall Street right now like a dark thunderous cloud and causing
investors on Wall Street great anxieties. The anxiety and fear investors are
feeling right now stem from the information that the American economy, alongside
the economy in Europe, are close to another potential recessive period. The fear
is also pushing safe havens higher. Gold price per ounce pushed higher above the
1800 per troy ounce mark today as stocks plummeted. In addition to the gloomy
Morgan Stanley report, the Philadelphia Federal Reserves regional manufacturing
report was more negative than expected as well. The index dropped to 30.7 in
July. This index reading indicates poor performance in the sector and was much
weaker than any had anticipated. Investors feel like the wind has been knocked
out of them as the volatility in the U.S. market place continued this day. Frank
Matto
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