Europe leads the markets lower – biggest sell-off so far this year in American Markets. Spain yields are pushing 6% and Italian yields near 5.7%. If the yields remain above 5% it signals that a bailout will be needed.
FTSE was down 2.2%, the DAX ended down 2.5%, and the CAC was down 3.8%.
DOW down 1.65%, the S&P 500 down 1.83%, and the Nasdaq was down 1.71%.
Money fled to Gold and the 10-Year yielded below 2% for the first time in over a month. Gold was up $20.10 to $1,664 an ounce. The VIX shot up 10% today and up 33% over the past five trading days.
Best Buy (BBY) CEO Brian Dunn steps down. Stock rallied 5% then fell to close down 5.5%.
Alcoa (AA) reported today kicking off earnings season. It was a beat with 10 cents per share the market was looking for a loss of 4 cents. Keep an eye on the bank stocks reporting this week to gauge how earnings may go this season.
Bush complains about the tax cuts having his name attached to them. Yeah… surely many of us also hate having our name attached to our Tax returns…
Obama begins the Buffet Rule pitch of 30% tax rate for millionaires in America. While the that rate might make sense for Buffet in Omaha Nebraska, folks in San Francisco and New York that are millionaires don’t have the relative price power that millionaires in other geographic ares have due to the higher cost of living. Perhaps a skewed percentage will be needed for counties that experience higher or lower relative income.
Santorum drops out of the GOP Presidential race, does not endorse any other candidate.
And like its been doing fairly often recently, Apple (AAPL) hit another all time high today.