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Selasa, 09 Agustus 2011

S&P 500 Extends Worst Slump Since 2008 Bear Market - Bloomberg

U.S. stocks tumbled, extending the biggest slump for the Standard & Poor’s 500 Index since 2008’s bear market, amid concern that a downgrade of the nation’s credit rating by S&P may worsen an economic slowdown.

The 10 groups in the S&P 500 fell more than 3.8 percent. Bank of America Corp. (BAC) erased 20 percent to lead financial shares in the S&P 500 down 10 percent. Ford Motor Co. (F) and Caterpillar Inc. (CAT) slumped at least 8.4 percent, pacing losses in stocks most- tied to the economy. Chevron Corp. (CVX) fell 7.5 percent as oil sank to an eight-month low.

The S&P 500 retreated 6.7 percent to 1,119.51 at 4 p.m. in New York. The gauge slumped 11 percent in three days, the most since November 2008, and fell to the lowest since September 2010. The Dow Jones Industrial Average slid 634.76 points, or 5.6 percent, to 10,809.85. The Russell 2000 Index of small companies slumped 8.9 percent, entering a so-called bear market, down 25 percent from its April 29 high.

“There’s no reason to get in front of this train,” Keith Wirtz, Cincinnati-based chief investment officer at Fifth Third Asset Management, which oversees $16.7 billion, said in a telephone interview. “Yes, there’s cheapness in the stock market, but right now emotions are high. There’s enough uncertainty out there. People are moving towards no risk. That includes Treasuries, which is ironic.”

Bear Market

The downgrade extended a rout that had wiped out $1.94 trillion in market value from the country’s stocks amid concern the economic recovery is at risk. Global equities tumbled and European shares entered a bear market. The Stoxx Europe 600 Index has now fallen 21 percent from this year’s high on Feb. 17. The S&P 500 is down 18 percent since April 29. Read More

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