With less than an hour left to go in the trading day, the Dow Jones average is down almost 280 points on the day, nearly every stock on the S&P 500 is in the red, and the NASDAQ is slumped as well. Oh, and interest rates on treasury bonds are in the tank, a sign that, as Business Insider's Joe Weisenthal explains, investors don't want their money anywhere near the stock market. The Dow Jones which had rallied well back in February and March and hit a four-year high in April, is now below where it started at beginning of January.
It seems that now would be an excellent time to revive this blog, but the person who really had the worst day of all is President Obama, who took a beating from Mitt Romney and everyone else after that dismal jobs report. (The Dow actually went down 30 points while he was delivering a televised speech earlier today.) It's obviously a long way to November, but he desperately needs a win on the economic front and instead got a blowout loss.
Update (4:00 p.m.): The Dow officially closed down 277 points (going negative for the year), and the NASDAQ and S&P 500 both closed in "correction territory," which means they are down more than 10 percent from their 2012 high. Also: The 10-year treasury yield dropped below 1.5 percent for the first time ever and the price of crude oil is at an eight-month low. Rough day.