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European stocks close sharply lower as a corruption scandal threatens to engulf the Spanish PM...

European stocks close sharply lower as a corruption scandal threatens to engulf the Spanish PM and Berlusconi surges ahead of elections in Italy. The Stoxx 50 -3.1%, led by Italy -4.4%, and Spain -3.7%. Germany -2.4%. So much for hot Januarys. The now-weeklong slide in Europe has brought the Stoxx 50 back to about flat YTD.
Comments (12)
  • Like an excuse was really needed for a collapse??


    Give me a break...


    This is way overdue, and it will hit our shores as well...
    4 Feb 2013, 12:48 PM Reply Like
  • I was 75% in EU (Spain & France) stocks for two months. Sold all but 10% last week, thank FSM. Stock prices were getting way ahead of themselves, scandal or not....Spain was up like 20% from the bottom??? Way too much too fast.
    4 Feb 2013, 01:07 PM Reply Like
  • What? Wiped out? In a couple of sessions?


    That was fast!
    4 Feb 2013, 01:43 PM Reply Like
  • Prices go down too?
    4 Feb 2013, 02:43 PM Reply Like
  • Still sitting 75% cash since December, didn't believe the rally and now I'm glad. Looking for the next entry point. Cash is King....(I think)...
    4 Feb 2013, 02:36 PM Reply Like
  • Wait for 11000 then. The last 3 years have been a Fed farce.
    4 Feb 2013, 03:31 PM Reply Like
  • 11.000? You will be waiting for ever.


    Look, you can't wait for the perfect entry. If you do, you will miss the market.
    4 Feb 2013, 05:49 PM Reply Like
  • not going to happen


    Europe is merely paused


    4 Feb 2013, 06:11 PM Reply Like
  • A single downer brings the gloom-and-doom set running outside and shouting. As usual, they'll miss the buying opp, no matter how low markets may go, because they'll be too busy shouting about how much lower they are going to go.


    Here's a clue:


    No fundamentals changed and no meaningful economic news occurred in Europe or the U.S. today, despite all the hysteria about some meaningless corruption claim in Spain. That's news?
    4 Feb 2013, 07:10 PM Reply Like
  • They need 10 more selling sessions then all of 2012 gains would be wiped off the EU map!
    4 Feb 2013, 07:14 PM Reply Like
  • Market been overbought in the short term. This is a healthy pullback. You'll see more volatility throughout the year but the general trend is going to be upwards (short of Mario Draghi getting caught with an underage boy).
    4 Feb 2013, 09:59 PM Reply Like
  • Don't try any of this 'the market's worried about Europe' nonsense. The talking heads need something to say, if they did not invent a crisis they'd be out of a job. Nothing has changed from last week.
    4 Feb 2013, 10:08 PM Reply Like
DJIA (DIA) S&P 500 (SPY)