Report: Inside The Stock Market Action
The markets are dropping sharply again. The Dow Jones Industrial Average is down over 150 points on the trading session. This is the sixth straight down day in the markets on continued panic from Europe. The contagion appears to be spreading to Germany as their most recent bond auction went poorly. This is extremely concerning for the European Union. Financially, Germany is in better shape than almost every country in the world, including the United States. As the markets inch towards the Thanksgiving holiday, no traders want to hold overnight positions and take the risk.
Stocks in motion today include Groupon Inc (NASDAQ:GRPN). This was a recent IPO and considered to be one of the elite online companies. The stock has fallen from a high of $31.14 to its current price of $17.25, -2.82 (-14.05%). This mega fall has the stock below the IPO price.
The bank stocks continue to sink on possible exposure to European debt. Yesterday, the Federal Reserve announced new stress tests for the banks. The criteria to be tested was their exposure to the European debacle. JPMorgan Chase & Co. (NYSE:JPM) is trading at $28.62, -0.79 (-2.69%).
Technology is also taking a hit today. Apple Inc. (NASDAQ:AAPL) jumped $7.50 yesterday but is giving up that entire gain and then some today.