- Spanish journalists kidnapped by al Qaeda group in Syria
- Nevada rescuers frenzied to find 4 kids, 2 adults lost in snow
- ‘TipsforJesus’ strikes in New York, with three massive tips
- John Podesta jumps aboard Obama ship to sell second-term agenda
- ‘Tis the Season: London florist creates $4.6 million Christmas wreath
- No tailgating allowed at Super Bowl XLVIII
- Pentagon to transport African troops to Central African Republic
- Chinese man fed up with his girlfriend’s shopping jumps to his death
- Ukraine leader to talk with protesters; Washington urges caution
- Pope Francis: A nun saved my life
U.S. stocks plunge as outlook in Europe dims
The U.S. Treasury market is still considered one of the safest places in the world to stash a billions in a hurry. At $11 trillion, no other market is as large, so there’s always somebody ready to buy or sell them.
“When people just want to get their money back, there’s not a lot of competition,” O'Donnell said.
Food and energy commodities fell sharply. Crude oil lost more than $3 to below $88 a barrel. Crude has been falling steadily since the beginning of May, when it traded as high as $106 a barrel.
Kelly, of J. P. Morgan Funds, said investors should remember that the U.S. is on firmer economic footing than Europe, and make sure their portfolios could withstand either possible outcome.
“Things could be much better, or much worse, than the markets have priced in,” Kelly said. “The only logical investment strategy is to be balanced — to get to the middle of the boat.”
Among U.S. stocks making moves:
• Monsanto, the agricultural company, was one of the few big gainers in a sea of red. It jumped more than 3 percent after its CEO said this year’s earnings will likely surge 25 percent, far more than Wall Street had been expecting. Sales were strong in its seed and chemicals business, including Roundup herbicides.
• Research in Motion, maker of the BlackBerry, plunged 7 percent after the company said late Tuesday it had hired a team of bankers to help it weigh its options — Wall Street jargon for a possible sale or reorganization. RIM’s business has been crumbling as smartphone users move to iPhone and Android devices.
• Whirlpool rose, reversing an earlier loss, after the Department of Commerce ruled that the South Korean government provided illegal subsidies to producers of clothes washers that sold their products in the U.S. The stock gained 1.5 percent to $63.73.
• AP business writer Matthew Craft in New York contributed to this report.
By Tom Fitton
New photos confirm the attack's coordination and its cover-up
- FITTON: A closer look at the Benghazi lie
- Obama eulogizes Mandela, calls him 'the last great liberator'
- Troops forced to rely on welfare, holiday charity
- Israeli P.M. Benjamin Netanyahu backs out of Nelson Mandela funeral
- Chinese man fed up with his girlfriend's shopping jumps to his death
- Obama lied about Syrian chemical attack, 'cherry-picked' intelligence: report
- CURL: Obama tells a whopper on IRS scandal
- NSA monitored 'World of Warcraft' players
- MSNBC host: Obamacare a 'wealthy white men' racist word
- American bourbon now better than Scottish whiskey: U.K.-born expert
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Let it snow