One day stocks like Caterpillar (NYSE:CAT), Alcoa (NYSE:AA) and DuPont (NYSE:DD) can lead the Dow up, and other days it can lead them down, and today it was downwards these stocks led the Dow, as it plunged the most in one day since February 4, declining 213.04 points, or 1.9 percent, to 10991.99.
Caterpillar dropped 4.35 percent, Alcoa 4.34 percent, and DuPont 3.8 percent during regular trading hours.
Most of this is in response to the downgrading of Greek debt to junk status and also the downgrading of Portugal debt down two levels, confirming the European Union problems are far deeper than Greece alone, and is in grave danger of crumbling under the weight of irresponsible monetary practices which gave in to demands of their people for wages and benefits they couldn't afford to offer them in a sustainable way.
Gold was driven up in price as the preferred safety haven in light of the extraordinary sovereign debt challenge facing Europe.
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