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Stocks end brutal day down 2% (KSAT)
Stocks capped off a brutal day on Wall Street down 2%, as investors remained
on edge about the lack of progress leaders have made solving U.S. and European
debt problems. "This lack of trust continues to build on both sides of the
Atlantic," said Ryan Detrick, senior technical strategist at Schaeffer's
Investment Research. "Global leaders don't appear able to do much to fix
continuing debt issues." That uncertainty caused all three major indexes to
fall more than 2.5% for most of the trading day with the Dow losing more than
300 points at times. The Dow Jones industrial average closed 249 points lower,
or down 2.1%; the S&P 500 lost 23 points, or 1.9%; and the Nasdaq composite
fell 49 points, or 1.9%. All 30 Dow stocks ended the trading day in the red,
with the blue-chip index sliding into negative territory for the year. The S&P
500 and Nasdaq are already both down roughly 5% for the year. The selling was
broad, with financial shares among the biggest losers. Shares of JPMorgan
Chase, Citigroup, Morgan Stanley and Bank of America all finished down between
2% and 6%. "With all this global uncertainty, there's ...
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