Dow Dives on Obama Socialization Disaster Bill

http://www.cnbc.com/id/29235373

tocks tumbled to November levels Tuesday as investors faced a fresh sign of the deepening recession and dilution worries gnawed at bank stocks.

The Dow Jones Industrial Average shed nearly 297.81 points, or 3.8 percent, to close at 7552.60, within one point of its November closing low. (The November intraday low, however, is about 100 points lower.)

The S&P 500 lost 4.6 percent to close at 789.17, and the Nasdaq dropped 4.2 percent to close at 1,470.66.

Major U.S. Indexes
.DJIA
7552.6
-297.81
-3.79%
1,378,310,000
.NCOMP
1470.66
-63.70
-4.15%
965,426,000
.SPX
789.17
-37.67
-4.56%
4,812,456,000

>> Are We Headed for a New Low?

This comes after last week's 5.3-percent drop in the Dow as few details on the execution of the stimulus plan and worries about the potential for wiping out bank stocks weighed on the market. Financials were the week's worst performer, down 10 percent, while health care was the best, down just 2.4 percent.

"Today feels like another shot to the gut," Michael Farr, president of Farr, Miller & Washington, wrote in a guest blog post. But here's the news flash: "It's too late to panic," Farr wrote, suggesting it's time to buy.

"Play defense, but PLAY!" Farr wrote.

The latest sign of the deepening recession came from the New York Federal Reserve, which reported its Empire State manufacturing index fell to a record minus-34.65 from minus-22.2 in January. Economists had expected a much milder decline of minus-24. New orders fell to an all-time low.

This report from the New York Fed, along with a reading from the Philadelphia Fed later this week, is closely watched as a precursor to the national reading from the Institute for Supply Management, due out in two weeks.

Worries about more bank nationalizations also weighed on investors returning from the three-day weekend after markets were closed for Presidents' Day Monday.

Banks were again one of the biggest drags on the Dow, with Bank of America [BAC 4.90 -0.67 (-12.03%) ], JPMorgan [JPM 21.65 -3.04 (-12.31%) ] and Citigroup [C 3.06 -0.43 (-12.32%) ] all down more than 12 percent.

>> Pros Say: Prepare for More Bank Nationalization

This came amid a fresh wave of bank worries overseas after a report yesterday from Moody's indicated there could be more downgrades of European banks due to their exposure to Eastern European companies and governments and deteriorating economic conditions there. In the UK, Lloyds shares fell for the third straight session as investors worried that the bank will be nationalized.

Adding to the market jitters was news today that the SEC has charged Texas-based Stanford Financial Group with "massive ongoing fraud."

Here's to bankrupting America!

Yep, the left is great at destroying America, Ill give 'em that...

He better get better advise , so far he is getting an f from me