Dow suffers biggest one-day drop in 2012

[I AM NOT THAT GUY 5,715]

NEW YORK (AP) – U.S. stocks fell sharply Tuesday, following steep losses in European markets two days before a critical deadline in the Greek debt crisis. The Dow Jones industrial average suffered its biggest decline during a trading day this year.

The Dow, the broader Standard & Poor's 500 index and the Nasdaq composite index all were trading sharply lower in midday trading. All three indexes were down at least 1% or more in the first hour of trading.

Having rallied hard over the past few months, stock markets seem to be running out of steam, with the more bearish investors warning stocks have rallied too far too soon.

The Dow has not closed down 100 points in 45 straight trading sessions, the longest streak since 2006.

Over the past few weeks, many of the world's major markets have pushed above levels last seen last summer. On Wall Street, the U.S., the gains have been even more pronounced. The S&P 500 index is trading double its bear market low of 666 of March 2009.

The rest of this week, economic indicators will be in focus, especially in the U.S., where a busy few days culminate with Friday's nonfarm payrolls data. The jobs figures often set the market tone for a week or two after their release.

Tuesday, though, attention returned to Greece. The question now is how many private creditors will accept planned bond swaps that are part of the latest bailout package. Success depends on a high percentage taking part. Otherwise, Greece could default on March 20.

Major banks and investment funds have signed on for the swap, but it remains unclear whether hedge funds, which had already bought the bonds at a steep discount and may profit from bond insurance payouts if Greece defaults, will agree.

The swap deal is vital for Greece to cut its debt and get a bailout of €130 billion, or $172 billion, from other countries and the International Monetary Fund. Without the bailout, Greece could default on its debt later this month and rattle markets around the world.

In the U.S., worries about Greece come on top of concerns about a recession in Europe and slowing economic growth in China. Some investors also believe the rally in U.S. stocks this year — the Standard & Poor's 500 is up 7% — has come too far too fast.

http://www.usatoday.com/money/markets/story/2012-03-06/stocks-march-6/53381988/1

[luckytxn 2,265]

That's OK. The new unemployment numbers coming should boost that right back up...right?

[slim 1,530]

I'd guess we're down to about 7% now.

[웃 910]

I'd guess we're down to about 7% now.

We should be at 1% or less because there are a lot of jobs in the Craigslist Jobs section

[Gary and Alla 3,694]

Not Obamas fault. Just sayin'