Wednesday
Nov092011
Europe Again Causes Markets To Dive
Wednesday, November 9, 2011 at 4:41PMBy Scarlette Whyte
It was a rough day on Wall Street as the financial woes in Europe pounded the market.
The Dow tanked nearly 400 points, the S&P plummeted 46.82 points and Nasdaq fell by 105.84 points. All 10 S&P sectors firmly ended in the red, led by banks and materials.
Bank of America declined 5.7% and JP Morgan Chase fell 7.1%. Hewlett-Packard and Acola were also weak, losing 5.4% each.
The never-ending saga in Europe has been the primary cause of the troubles in the market today. A surge in Italian bank yields to over 7% and concerns about the 17 nation Euro-zone hit banks hard. Italy is the largest debtor in Europe and they are simply too big to bail out. The Euro lost value against the dollar.
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