I took my 401K stocks and converted them to an interest bearing account last week. Don’t want to lose half of my assets again.
If the Euro tanks and Korea heats up, we’re in deep shit.
U.S. Stock Futures Drop on Borrowing Costs, Tensions in Korea
By Jonathan Burgos and Adam Haigh
May 25 (Bloomberg) — U.S. stock futures fell, indicating the Standard & Poor’s 500 Index may slip to 2010’s lowest level, as bank borrowing costs rose and a report said North Korean leader Kim Jong Il ordered his military to prepare for combat.
Goldman Sachs Group Inc. lost 1.8 percent as the rate banks say they pay for three-month loans in dollars increased to 0.536 percent, the highest since July 7 and the 11th straight gain, according to the British Bankers’ Association. Ford Motor Co. and Apple Inc. fell more than 2.5 percent on concern that Spain’s ailing banks signal a widening Europe debt crisis that may curb global economic growth.
S&P 500 futures expiring in June dropped 2.5 percent to 1,044.40 at 7:50 a.m. in New York. The index’s lowest close of the year was 1,056.74 on Feb. 8. Dow Jones Industrial Average futures retreated 210 points, or 2.1 percent, to 9,833.
World stocks sink on renewed Europe fears
By ALEX KENNEDY
SINGAPORE (AP) – World stock markets tumbled Tuesday, extending Wall Street’s sell-off as the sliding euro fueled a new wave of pessimism about the global economy’s health.
Renewed worries about Europe’s debt problems rattled already anxious investors, who grew more uncertain about the outlook for the U.S. and global economies.
In early trading in Europe, Britain’s FTSE 100 fell 2.3 percent, Germany’s DAX dropped 2.6 percent, and France’s CAC-40 sank 3.1 percent. Futures pointed to losses of 2 percent or more for major U.S. stock indexes on Tuesday.
Earlier in Asia, Japan’s Nikkei 225 stock average shed 3.1 percent to 9,459.89 as the yen’s strength against the common European currency hammered exporters.
Hong Kong’s Hang Seng index slid 3.5 percent to 18,985.50 while benchmarks in Australia, Indonesia, Thailand, Taiwan and Malaysia lost 3 percent or more. Stock markets in India and Singapore were down more than 2 percent while China dropped 1.9 percent.
Truth, Lies and In Between 