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Stocks take a lickin' and keep on tickin'
11/12/2010 4:17 pm EST
The market has had just about everything else thrown at it today. And at the close the Standard & Poor’s 500 has held at its 20-day moving average of 1195 or so.
Want a list of what hit the fan today?
- The leaders of the world’s 20 biggest economies failed to reach agreement on how to fix the global economy.
- Rumors swirled through China that yesterday’s inflation number would force the People’s Bank to raise interest rates again—as early as this weekend.
- A euro debt crisis in Ireland, Portugal, and Greece that refuses to take comfort from anything European politicians promise.
- Yet more strength in the dollar.
All that set everybody to profit taking.
Gold fell. Copper fell, Sugar prices saw their biggest drop in 30 years.
Stock markets in China, the United States, Europe, Brazil—well just about everywhere fell.
What interests me is that despite a plague of bad news of Biblical proportions, the decline in everything has been orderly. At the close the S&P was down 1.18%. The NASDAQ Composite Index was down 1.46%. The Dow Jones Industrial Average is off .8%
And those are among the deepest losses on global stock markets.
This should remind us the biggest force in the global financial markets isn’t news good or bad but that flood of money coming from the Federal Reserve and from China’s monetary policy.
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