SO WHEN SPAIN DEFAULTS AGIAN AND THE DOMINO EFFECT CONTINUEGO 2 ANUSTOCKS

KOREA  JUST A.

JUST A DISTRACTION FOR WHAT IZ REALLY GOING ON IN THAT REGION. ALSO TO KEEP THE PEOPLES MINDS AND HEARTS OFF WHAT IZ REALLY GOING ON IN THIS COUNTRY.  HOW THEY ARE TAKING FORM THE POOR TO FEED THE RICH AND ALLOWING THE POOR TO TAKE FROM THEM SELFS TO FEED THE MEDIA TO DISTRACT YOU FOR WHAT IZ TO COME . 

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Dow Drops Over 1% for Second Straight Week
Published: Friday, 13 Apr 2012 | 4:54 PM ET

Stocks accelerated their selloff in the final hour of trading Friday to close at session lows, logging their worst weekly decline for the year, as ongoing signs of weakness overseas and tepid economic news in the U.S. kept investors on edge.
Track After-the-Bell Movers: PG, MAR & More

Major U.S. Indexes
Last Change Today's % Change 1 Week % Change YTD % Change
Dow 12849.59 -136.99 -1.05% -1.61% 5.17%
NASDAQ 3011.33 -44.22 -1.45% -2.25% 15.59%
S&P 500 1370.26 -17.31 -1.25% -1.99% 8.96%
Russell 2000 796.29 -12.29 -1.52% -2.68% 7.47%
CBOE VIX 19.55 2.35 13.66% 17.07% -16.45%




The Dow Jones Industrial Average tumbled 136.99 points, or 1.05 percent, to close at 12,849.59, led by BofA [BAC 8.68 -0.49 (-5.34%) ] and JPMorgan [JPM 43.21 -1.63 (-3.64%) ].

The S&P 500 slumped 17.31 points, or 1.25 percent, to finish at 1,370.26, a closely-watched technical level. The Nasdaq declined 44.22 points, or 1.45 percent, to end at 3,011.33.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared to finish above 19.

For the week, the Dow fell 1.61 percent, the S&P dropped 1.99 percent, and the Nasdaq plunged 2.25 percent. Among the Dow components, BofA was the biggest weekly laggard, while H-P [HPQ 24.57 -0.53 (-2.11%) ] climbed.

All 10 S&P sectors ended in the red for the week, led by financials and energy. Techs posted their first weekly loss for the year.

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JPMorgan [JPM 43.21 -1.63 (-3.64%) ] posted results that topped estimates, but shares slipped due to year-over-year declines in net income and revenue. In addition, CEO Jamie Dimon said elevated mortgage-related costs and losses may continue for a while longer.

Wells Fargo [WFC 32.84 -1.18 (-3.47%) ] also beat earnings expectations as the bank posted strong mortgage banking results, but shares dipped.

Regional banks were hit the hardest, dragged by firms including Suntrust [STI 22.58 -0.97 (-4.12%) ], Regions [RF 6.11 -0.19 (-3.02%) ] and First Horizon [FHN 9.77 -0.44 (-4.31%) ].





“The path of least resistance in the short-term is for a correction,” said Bruce McCain, chief investment strategist at Key Private Bank. “We have not yet decoupled from markets in Europe and Asia—If they sneeze, we won’t necessarily catch pneumonia, but the idea that we’ll avoid any signs of a cold is optimistic.”

McCain believes the market is still in the "middle of a correction" and may last more than usual near the bottom.

“As you get to the bottom of whatever the level is, unless we see significant deterioration in Europe or much worse outcomes from Asia, then it’s time to put more money to work,” he recommended. “There’s potential for a rebound in the emerging regions later on off the summer correction.”

On the economic front, U.S. consumer sentiment declined in early April, hurt by rising gasoline prices, according to a survey by University of Michigan and Reuters.

Geopolitical concerns also weighed, as Chinese growth slowed in the first quarter. But the tepid data led some to believe that Beijing could further ease monetary policy further to boost the economy.

In addition, Spanish banks had borrowed heavily from the European Central bank in March, underlining the continuing difficulties peripheral institutions are having in securing funding.

Federal Reserve Chairman Ben Bernanke spoke at a conference in New York, defending the central bank's response to the financial crisis, but made no comments about the current state of the economy or the policies taken to spur growth.

Traders have been closely analyzing the Chairman's comments for signals about the possibility for further monetary easing on the heels of some tepid economic reports in recent weeks.http://video.cnbc.com/gallery/?video=3000084022