The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

The Dow Goes Greek

Posted on | June 16, 2011 | 11 Comments

Since late April, the Dow Jones Industrial Average has lost more than 850 points and fell by 178.84 Wednesday, below the 12,000 threshold. Reuters reports:

U.S. stocks tumbled on Wednesday, driven lower by escalating Greek debt woes, while troubling U.S. data pointed to further losses ahead.
Financials came under fire after Moody’s Investors Service said it may cut the credit ratings of French banks, citing exposure to Greek debt.
U.S. data showed the U.S. economy is facing a troubling mix of higher prices and weak growth. …

Here’s an Associated Press video report on the increasingly ugly situation in Greece:

And of course: UNEXPECTEDLY!

Confidence among U.S. homebuilders slumped in June to the lowest level in nine months as executives turned more pessimistic on the outlook for sales, a sign that any pickup will take time to develop. The National Association of Home Builders/Wells Fargo sentiment index unexpectedly fell to 13 from 16 in May, the biggest drop in a year, data from the Washington-based group showed today.


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