Dow Ends Down Triple Digits On Oil; Nasdaq Falls 2% Despite Alphabet Gains

[Purveyor]

Source: CNBC

U.S.stocks closed sharply lower Tuesday as renewed declines in oil prices weighed amid mixed reaction to some key earnings reports.

The major averages fell 1.8 percent or more, with the Nasdaq composite underperforming, for their worst day in two weeks. Oil settled below $30 a barrel for the first time since Jan. 21.

"The oil rally, which occurred around those rumors (about an output cut), has reversed and dragged down the stock market and long-term interest rates," said David Kelly, chief global strategist at JPMorgan Funds.

Treasury yields declined, with the 10-year yield falling below 1.9 percent to hit its lowest since April 2015. The 2-year yield was near 0.74 percent.

Read more: http://www.cnbc.com/2016/02/02/us-markets.html

[forest444]

1. "On oil" is their cover story. Stocks usually rise when oil falls.

What Wall Street is doing - but will never admit - is depressing the market ahead of the elections, for obvious reasons.

They know as well as anyone that Rethugs only have a chance to win back the White House if they can engineer a recession.

[Odin2005]

2. Stocks are falling because of China's economic problems.

There is no conspiracy, here.

And the pukes will only win in a recession if Hillary is the nominee because she has tied herself to Obama.

[forest444]

3. I wouldn't put it past them.

We can only speculate as to what may be motivating them; but political considerations are certainly not outside the realm of possibilities.

The effects of China's recent slowdown, for their part, are probably being exaggerated somewhat. Years of animosity - particularly during the Dubya years - have resulted in the substantial shutting out of U.S. corporations from the Chinese market, such that, for example, only about 6% of our merchandise exports go to China and only 5% of our income from services comes from China.

Our economic exposure to China is still fairly limited - much less than theirs is to us.

[NoMoreRepugs]

4. US GDP is 65+% consumer spending for many moons

we managed to limp along with $60-80+ a barrel oil - now $30 oil and the resulting extra $$ for the average consumer to spend on something that actually will turn over a couple times in the economy isn't a good thing??

What koolaid jug u guys drinking from?? CNBC? BLOOMBERG? WSJ? FORBES?

[Purveyor]

5. Zerohedge.

[Hestia]

8. If you read on Bloomberg, an op/ed states that instead of spending money, everyone is saving

every dime they can and that is why GDP is down so much at the end of 4th qtr and not budging now.

It's like writers like that have this huge disconnect:

Wages suppressed for 30 years but we are to fund our own pensions, 20% d/p on a mortgage, have a rainy day fund and buy a new car every year, along buy buy buy to keep our neighbors in a job. The only sector that has done the consumer any favors in the last year, for sure, is the drop in price in gasoline/petrol.

Do you blame people for keeping what they have as long as they have? I know we are saving like anything. Paying off 2 more credit cards on Friday and will have the last one paid off in a couple of months. I've been letting them float at 0% interest. I guess we too are hearing the sirens call of save save save.

[corkhead]

6. The greedy class are expressing their confidence and excitement in Hillary's strong Iowa "victory"

[elmac]

7. I have no doubt that this market will

go up, go down or stay the same.

[happynewyear]

9. Losses +600 already Nikkei & Hang Seng 2/2/2016 ~9 PM EST

Fun ride tonight. Look out below tomorrow!