Thursday, November 10, 2011

The Bulls’ Only Hope

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tdp2664 InvestorPlace Stocks sold off yesterday as Italy's bonds broke above 7%, a level at which economists say the country cannot sustain its debt service. The euro fell 2.1%, its biggest drop in six months, while the U.S. dollar and U.S. Treasurys rallied. At the close, the Dow Jones Industrial Average fell 389 points (3.2%), the S&P 500 was off 47 points (3.67%), and the Nasdaq fell 106 points (3.88%). Volume on the NYSE increased to 1.1 billion shares and 599 million shares traded on the Nasdaq . Decliners outnumbered advancers on the Big Board by more than 9-to-1 and 7-to-1 on the Nasdaq . Click to Enlarge All 10 S&P sectors were down yesterday as the index turned down from its 200-day moving average. The index experienced its worst loss since mid-August, driving it through its near-term support at the 20-day moving average and the former neckline at 1,260.



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