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Major Market Move - 4/27/10

Tuesday, April 27, 2010, 1:06 PM
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As I write this, the Dow is down 170 points and the S&P 500 is down 23.  The dollar is up 0.89 (a big move), and (here's the surprising note in this symphony) gold is up $8.

The explanation being trotted out by the media for this big move is the fact that S&P (the rating company) downgraded Greece and Portugal's debt.

NEW YORK (MarketWatch) -- U.S. stocks caved on Tuesday after Standard & Poor's cut its rating on Greece. "If followed by Moody's, Greek bonds will no longer be able to be used as collateral in borrowing from the European Central Bank," said Peter Boockvar, equity strategist at Miller Tabak. The Dow Jones Industrial Average

(Source)

I rather doubt this explanation.

 

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