Stock Markets Sell On Fears, Ignore Vote
The markets are looking past the Senate vote today at 12pm ET and they do not like what they see. It looks like the debt ceiling and spending cuts bill will pass and be signed into law by President Obama. However, the economic news continues to be ugly, Italy and Spain are a mess and the U.S. still faces a possible debt rating downgrade. This is sending the markets sharply lower today into the lunch hour. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $127.39, -1.39 (-1.08%).
Sentiment in the markets is very bearish based on all these factors. The debt deal is minor now as Wall Street looks towards a new recession. The selling today is broad based with money flowing into gold and silver for protection. The SPDR Gold Trust (ETF) (NYSE:GLD) is trading at $160.00, +2.28 (+1.45%) and the iShares Silver Trust (ETF) (NYSE:SLV) is trading at $39.31, +1.02 (+2.66%).