Stocks drop for a fourth straight day

[Omaha Steve]

Source: AP-Excite

By KEN SWEET

NEW YORK (AP) - U.S. stocks dropped for a fourth day in a row Monday as investors continued to express worry about the recent rise in bond yields. Banking stocks also dragged down the broader market.

The Dow Jones industrial average dropped 70.73 points, or 0.47 percent, to 15,010.74. The Standard & Poor's 500 index lost 9.78 points, or 0.6 percent, to 1,646.05. The market fell broadly; 4 stocks fell for every one that rose on the New York Stock Exchange.

The technology-heavy Nasdaq composite index also fell, losing 13.69 points, or 0.48 percent, to 3,589.09. The Russell 2000 index, which is made up of primarily riskier, small-company stocks, fell nearly twice as much as the S&P 500. That index fell 11.05 points, or 1 percent, to 1,013.25.

Investors had little data to digest Monday, so the focus for many remained the ongoing climb in bond yields. The yield on the benchmark 10-year Treasury note rose to 2.88 percent from 2.83 percent Friday. Yields are at their highest level since July 2011.

FULL story at link.



Read more: http://apnews.excite.com/article/20130819/DA8985380.html

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In this Friday, Aug. 16, 2013 photo, specialist Jason Notter, left, and trader Edward Curran work on the floor of the New York Stock Exchange. Stock futures are almost at a standstill, Monday, Aug. 19, 2013, as markets await any hint of changes in Fed thinking within the minutes from its July economic policy meeting later this week. (AP Photo/Richard Drew)

[Warpy]

1. They're only being held up so high

by hot air, wishful thinking, and all those printed QE dollars that ended up in so few pockets, doing nothing for Main Street because the 1% is terrified of inflation and would blame it all on labor.

[Populist_Prole]

3. Bingo. Well said.

Wall St, the dow jones etal is the absolute worst metric to use to gauge the health of the US economy. I don't cheer one iota when it goes up, and I don't give one-eight of a shit if it dips. Hell, it's a fairly reliable guide to bet against it. If I hear the dow jones rose, it probably means some US company closed their ops here and set up shops overseas, and champagne corks can be heard popping in boardrooms and in the dens of the investor class.

[Munificence]

2. 10 Year Treasury Note

at 2.88% is to close to 3%. At 3% we are in deep shit.

Expect either some really bad news, the drum beats of war, or something really weird to happen over the next week...this will be an effort to push it back away from 3%.

[longship]

4. Money! Money! Money! Money! Money! Money!

Ptooey!

[bluesbassman]

5. And all because Bernake played footsies with the Fed's stimulus participation.

He floated a lead trail balloon and caused havoc with the bond yields. Rat bastard.