Stocks Tumble on Worry About More Bank Failures
September 2nd, 2009In other words, someone bought a pile of deep out of the money put options on some piece of crap and now it’s harvest time via rumor mill. Just another day at the office.
Via: Reuters:
U.S. stocks sank on Tuesday on increasing worries that there could be more bank failures and concerns that equity prices may have run ahead of the economic recovery.
A sharp drop in bank stocks in late morning trading pulled the Dow average.DJI and the broad Standard & Poor’s 500 .SPX down almost 2 percent, with investors fearing a revival of balance-sheet trouble in the financial sector.
“The chatter from (some) hedge funds is that there is a bank default”, said Jon Najarian, a founder of Web information site optionmonster.com.
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