Stocks clsoe sharply down 2.4%

[wazi99]

According to preliminary calculations, the Dow Jones Industrial Average plunged 313 points, or 2.4%, to 12933, the S&P 500 slid 33.8 points, or 2.4%, to 1395 and the Nasdaq Composite fell 74.6 points, or 2.5%, to 2937. Volatility jumped 7.7% as tracked by the CBOE's VIX, regularly called Wall Street's fear gauge. Meanwhile, traders took shelter in the safety of U.S. Treasury bonds. The yield on the 10-year dropped 0.0113-percentage point to 1.638%.
Read more: http://www.foxbusiness.com/markets/2012/11/07/wall-street-ravaged-amid-fiscal-gloom/#ixzz2BZcqDaId
Och

[patrickt]

Communist in power tend to do that.

[coolwalker]

Those with money will now invest elsewhere. When that happens the jobs will dwindle further and people who do retain employment will stop buying things, hiring people to tend their lawn, paint their house, but a new house and on and on...but by gosh Obama is in for 4 more years. Can we survive?

[respectfulguest]

also lost in part of this will be the capital gains tax increases proposed by the Obama Admin, it's a double edged sword that cuts from both sides, first as many middle class US citizens own stocks as a means of investment income these folks will be taxed at a higher capital gains tax rate, second all US businesses lose because there will be less incentive for the common folk to invest in US companies due to the capital gains increases...although a sad reality, if the dow continues to get hammered there will be a plethora of bargain basement stocks to choose from.

[wazi99]

also lost in part of this will be the capital gains tax increases proposed by the Obama Admin, it's a double edged sword that cuts from both sides, first as many middle class US citizens own stocks as a means of investment income these folks will be taxed at a higher capital gains tax rate, second all US businesses lose because there will be less incentive for the common folk to invest in US companies due to the capital gains increases...although a sad reality, if the dow continues to get hammered there will be a plethora of bargain basement stocks to choose from.

The problem is companies use money they get from stocks to grow. If stocks become bargain deals there wont be the money in companies to build and hire.

[respectfulguest]

The problem is companies use money they get from stocks to grow. If stocks become bargain deals there wont be the money in companies to build and hire.

preaching to choir compadre..