Traders bailed out of stocks ahead of the long weekend, spooked by the no-new-jobs report. Cries for QE3 mount, but no risk-on trade ever took root. Banks were hit hard on news of FHFA suits over mortgage fraud. And Europe continues to percolate. Gold surged nearly $50, and Treasury yields plunged to historic closing lows. Only seven S&P stocks posted gains.
Kind of disappointing that we fell back below key level of 1200 on the S&P 500. Hopefully it was just reluctancy to hold over the long weekend and not the start of a new move back down.
Dow -253 to 11240
Nas -65 to 2480
S&P -30 to 1174
Monday is a Holiday. Have a nice long weekend!!!
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