Stock Market Remains Volatile, Loses 268 Points Tues

The stock market definitely remains volatile, as shown by yesterday's dramatic drop in the Dow. During trading yesterday, the Dow was down as much as 326 points, but it closed the day with a 268 point loss. The Dow now stands at 9870.
http://money.cnn.com/2010/06/29/markets/markets_newyork/index.htm

Stocks tumbled Tuesday, with the Dow falling as much as 326 points and the S&P hitting an 8-month low after a big drop in consumer confidence and signs of a bigger slowdown in the global economy.

Dow Jones industrial average (INDU) dropped 268 points, or 2.7%, after having earlier lost as much as 326 points. The Nasdaq (COMP) composite fell 85 points, or 3.9%.

The S&P 500 (SPX) slid 33 points, or 3.1%, falling to a fresh 2010 low of 1035.18 before recovering a little to close at 1041.24. It was the lowest close since November and could bring in more selling in the next few days, according to technical market pros.

So the market remains uncertain and volatile, rising in value only to tumble back below 10k again. Yet another indicator that the economy isn't in recovery.

And why did stocks tumble THIS time?


Because of a dip in the consumer confidence index.
http://www.marketwatch.com/story/us-consumer-confidence-plummets-on-job-worries-2010-06-29-102500?dist=countdown

U.S. consumers are increasingly worried about jobs and the economy, the Conference Board said Tuesday, as it reported that its consumer confidence index plummeted to 52.9 in June -- the lowest level since March -- from a downwardly revised 62.7 in May.

"Increasing uncertainty and apprehension about the future state of the economy and labor market, no doubt a result of the recent slowdown in job growth, are the primary reasons for the sharp reversal in confidence," said Lynn Franco, director of Conference Board's consumer research center. "Until the pace of job growth picks up, consumer confidence is not likely to pick up."

That's pretty clear. And with PresBo's anti-business policies and laws, I don't hold out much hope for substantial job growth...