The stock market slide after yesterday's debt deal compromise was signed by President Obama is continuing this morning: "Stocks turn sharply lower, led by a sell-off of energy companies. Dow off by 140 points," leads the banner on CNN Money:
The Dow Jones industrial average (INDU) dropped 143 points, or 1.3%; the S&P 500 (SPX) was down 19 points, or 1.5%; and the Nasdaq Composite (COMP) sank 46 points, or 1.8%. Both the S&P 500 and the Nasdaq have now wiped out all of their gains for the year.
Reuters spoke to the president of Platinum Partners in New York, who remarked "More of the same, we continue to disappoint. It's not just us, it's the whole world. I'm having trouble now remembering the last good data point." The sentiment echoes what many analysts had voiced yesterday: the markets are merely adjusting to the new reality of the sluggish U.S. economic recovery.
Yahoo's chart of the market's progress today is below: