“Chinese authorities have ordered some major banks to curb their lending over the rest of this month after an early burst of credit, banking industry sources said,” Mnyandu reports. “Although IBM posted a stronger-than-expected quarterly profit late on Tuesday, investors had misgivings about its guarded 2010 outlook, sending the stock down nearly 3 percent.”
“The Dow suffered its largest daily percentage decline since late December, while the Nasdaq took its largest daily percentage loss in a week. It was the worst drop for the S&P 500 since Friday,” Mnyandu reports. “On Tuesday, the Dow and the S&P 500 ended at 15-month highs on bets the Democrats would lose a Senate seat.”
Mnyandu reports, “Earlier on Wednesday, the major indexes had dropped about 2 percent or more, but recovered some ground in the last hour of the session, thanks to some buying of bank stocks… IBM was the Dow’s biggest drag… On the Nasdaq, Apple Inc. was the heaviest weight, down 1.5 percent at $211.725. Other tech bellwethers off 1 percent or more were Google, Microsoft and Cisco.”
“Investors have counted on emerging economies like China to underpin a nascent global recovery, so any restrictive policy there could be a setback for investors whose bets on a sustainable rebound recently propelled the S&P 500 to 15-month highs,” Mnyandu reports. “Healthcare stocks, which led an advance on Tuesday on signs that a healthcare overhaul could face new hurdles in Congress, declined on Wednesday as some investors booked profits.”
Full article here.
I thought the stock market was going to blast through the sky because a Republican got elected to the Senate. Better spin, spin, spin!
Could it be that election results really don’t do diddly-squat to the market?
And what does this have to do with Mac coverage, anyway?
——RM
Macs are made in China and AAPL was down -3.3%..
THAT is why I am your King!
Ha! And the “experts” were saying the market would have a blue-chip day because of the Massachusetts disaster yesterday. On the contrary, the market nosedive today is the correct response to pounding yet another nail on the coffin of this country’s demise. How a state like Massachusetts can elect a Cosmo puffball model with the savvy of a pigeon is… well, come to think of it, it fits perfectly with a country that voted Bush into office a few years ago. All we need now is Palin to really straighten out what’s wrong with this country!
yeah – starting with you
As usual, you Libs missed something of importance in your rush to spout nonsense:
“On Tuesday, the Dow and the S&P 500 ended at 15-month highs on bets the Democrats would lose a Senate seat.”
I’m not surprised you backed Obama, illiterates.
Remember, Wall Street analysts guessing why the market went up or down on a particular day are no smarter (or more perceptive) than the Wall Street analysts who critique an unannounced, unseen Apple product a week before it’s even announced.
So if the market soared today, it would have been because a terrible candidate lost in Massachusetts to a Republican. And if the market tanked today, it would have been because a terrible candidate lost in Massachusetts to a Republican. Makes as much sense as anything else, I guess.
@ Renaldo – if this site could let me “fan” you, I would! Nice post…
@ Renaldo – if this site could let me “fan” you, I would! Nice post…
@2nd. I agree with you about Renaldo. Dead on post.
First 2010, then 2012,
LOL!
I’m a PC, and Microsoft will fire me if I don’t go”bing, bing, bing, bing” all day, just like a pinball machine.
If China doesn’t lend us money, who is going to pay for Dems socialism plans?
just my $0.02
Where’s the Cramer quote from yesterday? If there ever were a reason to avoid that guy like the plague, yesterday’s “forecast” was it!
“If China doesn’t lend us money, who is going to pay for Dems socialism plans”
..the same people who will pay the billions to Wall Street bankers, the health insurance industry execs, the doctors driving around in their $100,000 cars, and of course the billions to clean up Bush’s wars. Oh, and we need someone to pay the millions for all the Republican propagandizing to dupe the millions of fools screaming socialism. Let’s see, how much was Limbaugh making this year?
I’m really glad these anti-socialists are so peaches and cream American, friggin’ war-mongering fascists…
“I thought the stock market was going to blast through the sky because a Republican got elected to the Senate. “
The stock market dipped because the Dollar has significantly strengthened for two straight days.
The market prefers a weak dollar which is better for US exports.
Cramer is now 0 for 2 on his Big Week predictions.
Look out next week where, inexplicably, everyone will still be listening to him.
OK this is pure puffery… using words like “suffer” and “largest daily loss” with clarifiers of “late December” and “in a week” is baiting at its worst.
Pathetic.
But not as pathetic as these nut jobs who think the stock market would rally on the defeat of one candidate in on election and run around today claiming it was a rejection by the US population of Obama’s socialism.
Save your stupidity for Fox viewers.
Did you run around claiming the nation rejected Bushit’s wars and policies when he and his fellow crocks got kicked out. No you didn’t. You bleated like pisant sheep that it was the liberal media bias.
The old adage that Republicans don’t win elections Democrats loose them is still accurate however.
@Ray
What you are calling “socialism plans” used to be the middle of the road in this country. Anyway, the cost of those plans is nothing compared to an unnecessary war in Iraq, unfunded tax cuts, and deregulation of the financial industry.
Ray sez: “If China doesn’t lend us money, who is going to pay for Dems socialism plans?”
Better yet, who is going to pay for the Republican’s invented wars?
IMHO, choke the supply of money, get US government spending down to BALANCED again. But sadly, that will mean the entire country will have to start living within its means, as opposed to living in borrowed money Cloud Cuckoo Faerie Land like we’ve been doing for 9 years now.
Face it kids: The Clinton Era balanced the fed budget. The Bush League destroyed the budget. So good luck expecting a return to Republican rule saving anyone any money. Get it yet?
In the same sense, going all Liberal socialist is another great way to destroy the fed budget. So good luck saving money in that direction either.
It’s called being ‘Shot By Both Sides.’
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@Roberto
Look, strange women lying in ponds is no basis for a system of government.
@Roberto
Look, strange women lying in ponds distributing swords is no basis for a system of government. Sorry for the gaffe …
@First 2010, then 2012
I suppose that you were smart enough to sell all of your stock on Friday? I seriously doubt it. Instead, any stock that you own fell along with the rest of it when the beer goggles wore off and most people realized that pretty much nothing changed. That Friday blip was no different than any other piece of news to which the market temporarily overreacts. Get over it.
The Republican’s are still playing the obstructionist game to undermine the Democrats. The Democrats are still trying to promote bipartisanship, even though the Republicans have made it clear that they won’t play. And both parties are still spending borrowed money while giving lip service to the federal deficit and national debt. There is no fiscal conservatism or accountability remaining in our government. It took around 200 years to get over the top and start the decline…
@Ray
Your $0.02 is not worth it. I recommend that you attempt to return it and get a refund.
Please take the time to research the trends in the federal deficit/national debt. You will find that the majority of the national debt accumulated over the past three decades, the vast majority of it during the Reagan and G.W. Bush administrations (roughly half of that 30-year period). Can you say tax cut and spend? Get a clue – the borrowed money does not trickle down very far…
See http://www.brillig.com/debt_clock/faq.html for some education, or choose your own site.
Think before you post ©