NY Stock Exchange
August 8, 2011 by staff
But as the market opened Monday, dropping about 250 points almost immediately, some traders could not help betraying his nerves.
Art Cashin, floor manager at UBS Securities, has worked on the floor of the bag for 50 years. He compared the situation Monday to see a patient recovering from chest pain when walking down the street. “Wait, you catch your breath and see if you can walk,” said Cashin. “However, the symptoms are concerning.”
For the first time in history, credit-rating agency Standard & Poor “to a reduction in the U.S.”, as traders said many, reducing your credit score the highest, AAA, AA +. The country had maintained its AAA rating since 1917.
Global markets are more interconnected then ever been before. Overall, 500 companies in the Standard & index, now harvest half their profits abroad. But in Europe, the debt crisis threatens to spread to third countries and the fourth largest in the continent, Italy and Spain. Even developing countries like Brazil and China are no longer the engine of growth has been done since the financial crisis in 2008. Add to slowing economic growth in the U.S. and unemployment is over 9 percent.
“It’s a perfect storm,” said Allan Valdes, director of plant operations in the securities of AMD. “In the long term is problematic.”
As if that was not enough to make traders on the floor at the stock market nervous, at a time when the U.S. markets need to be a global leader in critical, lawmakers instead of appearing dysfunctional, traders said.
“He has a huge psychological impact,” said Doreen Mogavero, founder of commerce Mogavero, Lee & Co. “It erodes trust.”
Earlier in the day, trading volume was light indicating that many shareholders were left outside to see what could happen throughout the day. However, some traders said the sell-off expected to continue.
“We have not seen the bottom yet,” said Jonathan Corpina, a trader with Meridian Equity Partners. “When you get hit like this, everybody is going to be beaten by it.”
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