Today's loss in the SP500 wasn't even a full 2.5%! (2.47, if you're an accuracy freaque.) The day's action was down at the beginning, down at the end, and bumpy, grinding sideways between.
Just one more day on the roller coaster. The market giveth, the market taketh away.
Investors were worried about the collapse of the brokerage MF Global and missing details in Europe's plan to contain the Greek debt crisis . . .
Bank stocks fell sharply after the brokerage MF Global filed for bankruptcy protection. Last week, the company's debt was downgraded to junk status by ratings agencies concerned about its large holdings of European government debt. The company is headed by former New Jersey Gov. and Goldman Sachs chairman Jon Corzine. Morgan Stanley slumped 8.7 percent, Citigroup Inc. fell 7.5 percent . . .
The Organization for Economic Cooperation and Development warned Monday that European economies will see a "marked slowdown" next year. The organization called on the European Union to provide more information on how it plans to stem the debt crisis . . .
The market is shocked - shocked, I tell you - that things which were blatantly obvious last week are still blatantly obvious today. Excuse me if I bust out laughing.