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Markets Tumble Hard In Final Moments Of The Week: Here’s What You Need To Know (BP, SPY)

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After falling big on the Spain downgrade announcement, the market avoided an all-out rout. But it was still pretty bad, and after fighting back hard, the bulls ended up blowing it in the final moments of the day.

This is going to leave investors with a sick feeling in their stomach as they contemplate next week

As for the month, the 7.9% decline in the Dow was its worst since February 2009, according to WSJ.

But first, the scoreboard:

Dow: -122.3 (-1.2%)
S&P 500: -14 (-1.2%)
NASDAQ: -20.64 (-0.91%)

And for the top stories of the day:

  • BP BP BP. Still an ongoing disaster in the Gulf, despite some signs that for now the oil leak has slowed or stop. Still no hard end in sight. BP gave up nearly all of its gains from yesterday.
  • The House has passed the big carried interest tax that private equity managers are worried about it.

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