Posted by: SWL | August 10, 2011

US Stock Market Still on Rollercoaster Ride

4:14 pm PDT

Woo-hoo!!! Too bad stock market rollercoaster rides are not as fun as those at an amusement park!

The Dow Jones Industrials closed down 4.6% today. After the usual fluctuations, the Dow peaked over 11,000 points just after 2 pm EDT. But an immediate decline continued to closing. This final loss of 520 points wiped out all of yesterday’s gains.

Most analysts blamed early rumors that France’s AAA credit rating might be downgraded and later rumors of problems with France’s banks that might affect US banks. CNN’s Wolf Blitzer quoted one analyst who said today’s stock sell-off was driven by a mixture of fear and greed. Fears about the impact of world economic problems and further unpredictably introduced by greed will probably keep the stock market on the rollercoaster for a few more days (weeks?).

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