SMILE?
Stocks Suffer Biggest Fall Since Sept. 11
Tuesday September 3, 6:39 pm ET
By Elizabeth Lazarowitz
NEW YORK (Reuters) - Stocks spun lower on Tuesday, with the broad market suffering
its worst decline in nearly a year, after weak U.S. manufacturing data whipped up fears
a tepid economic rebound will crimp corporate profits.
The Standard & Poor's 500 index
(CBOE:^SPX - News) chalked up its
biggest one-day percentage drop --
down 4.15 percent -- since the
market reopened after the Sept. 11
attacks. The harrowing decline
made investors question whether
Wall Street will keep crawling back
from 5-year lows struck in July.
"It's a broken record of concerns
about the economy, taking down
earnings numbers," and corporate
governance issues, said Peter
Gottlieb, portfolio manager at First
Albany Asset Management. "At the
beginning of August, we had some
sense that we had established a bottom, but now the market doesn't seem so sure."
Indeed, the market got off to a bad start in September, historically the worst month for
stocks with an average fall of 0.4 percent in the last 50 years. New evidence that the
expansion in the U.S. factory sector may have stalled sent investors scrambling out of
stocks, fearful that poor prospects for corporate profits could knock the wind out of Wall
Street's recent rally.
Nice going there MR TAXCUT W......
Just adding fuel to the fire to make sure that no one will have any money except the wall street rich shorting bastards that have created this mess to begin with.
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