From the WSJ:
U.S. stocks posted their biggest losses of the year following another disappointing employment report.
The Dow industrials sank 274.88 points, or 2.2%, to 12118.57, turning negative for the year. The Nasdaq composite lost 79.86, or 2.8%, to 2747.48. The S&P 500 fell 32.29, or 2.5%, to 1278.04.
Gold prices shot up 3.7% to $1,620.50 a troy ounce. The yield on the 10-year Treasury note fell to 1.467%, its first time ever below 1.5%. Crude-oil slumped 3.8%. The dollar retreated against the euro and yen.
However, want some really sobering numbers?
Go down to International Stock Markets and start looking at their 1-yr % change.
Spain? 41.34% of their stock value GONE.
Italy? 36.84% of their stock value GONE.
France? 25.58% of their stock value GONE.
Britain? 11.27% of their stock value GONE.
Canada? 16.02% of their stock value GONE.
Argentina? 28.95% of their stock value GONE. (remember them? Right now they are denying devaluation speculation)
Hong Kong? 21.45% of their stock value GONE.
China? 13.49% of their stock value GONE.
Japan? 13.16% of their stock value GONE.
Israel? 15.03 of their stock value GONE.
Egypt? 15.15% of their stock value GONE. (didn’t they just have a revolution? On par with Israel…)
The U.S. Dow Jones? Down a mere 3.14%
I don’t think we’ve seen numbers such as these since the Great Depression or the fall of Rome. Worse, this is all being done on speculation on the Greek market’s impact on the Euro.
Two things:
(1) The world markets are tanking and that “full faith and credit of the United States” on your money is what’s keeping America afloat.
(2) You should be investing in precious metals if we don’t get a budget out of Congress by the end of the year. Not gold and silver, either… but copper and lead.
Between the federal statutory debt limit and the November Presidential elections, Autumn 2012 is certain to be just as volatile.