Stocks lose $700B in value this week

[CountAllVotes]

Washington's inaction regarding the debt ceiling cost investors nearly three-quarters of a trillion dollars in this week -- at least on paper.

This week's rout erased $700 billion worth of market capitalization, according to financial data company Wilshire, which owns the Wilshire 5000 Index. That index, which tracks every actively-traded stock in the United States, posted a loss of 4.2% for the week. The Dow fell 4.2% for the week, while the S&P declined 3.9%.

While paper losses and gains come and go as stocks fluctuate, this was the worst week for investors in more than a year.

It's doubtful that most investors believe the U.S. will fail to raise the debt ceiling and default on its obligations, but Congress and the White House remain far away from reaching an agreement before the August 2 deadline.

http://finance.yahoo.com/news/Stocks-lose-700B-in-value-cnnm-2196040558.html?x=0

Bad situation at best. If they don't get this mess settled up fast, next week will be even worse!

:dem:

[Vanje]

1. Almost 10% unemployed, people losing their homes, people going hungry........

but wow , the invested class loses a bit.

Big fucking news.
(Sheeptramp sez, "Welcome to the new America, Loozerz!")

[PassingFair]

2. Now where did I put that thing...

:nopity:

[Turbineguy]

3. The repubs are willing

to destroy everybody's pension in order to win. Being the King of a pile of shit is still being King.

[golfguru]

4. You forgot that SPX has gone from 666 to 1300 in 2 years

So keeping things in perspective, the 4.5% or so drop last week is minuscule compared to the 100% or so advance from early 2009.

I witnessed a real panic drop once...that was in 1987 when market dropped 22% in ONE day.