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Wall Street Grand » Contributors
U.S. stocks slid on Thursday, with the S&P down for a 10th out of 12 sessions. It feels as if the world is ending with a path taken similar to the 2008 financial crisis. Goldman Sachs (NYSE:GS) $GS just hit 2011's low, but will it hold? We are in the midst of a garden-variety correction, and those tend to manifest themselves anywhere from 5% to 10% from peak to trough, and now the S&P 500 is down about 7% from its April high. The biggest driver for the recent sell off is our over-arching concern that Greece’s inevitable exit from the euro zone may cause a run on some of the other southern European banks, like in Spain, Portugal and Italy. When things just couldn't get any worse, Moody's downgrades 16 Spanish banks coincidentally. Moody's Investors Service downgraded 16 Spanish banks and Santander UK PLC, a U.K.-domiciled subsidiary of Banco Santander SA (STD, SAN.MC), the latest blow for a country already facing economic recession, surging unemployment and a five-year property bust. US housing is keen to see a double dip in housing. On the bright side...will (NASDAQ:FB) $FB save the US markets this morning?
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