If it wasn't a bloodbath, it was awfully close. It's the worst sell-off since December 2008, with the Dow tumbling 4.3 percent - and that comes on top of the market's recent losses. More talk of another recession, new worries about Europe's debt crisis (especially in Italy), nagging questions about the Fed's ability to keep the financial system under control - there's just a lot of concern out there. And the government jobs report, which comes out tomorrow, isn't likely to be pretty. Meanwhile, yields on 10-year Treasury notes are about where they were when Eisenhower began his administration in 1953. From Bloomberg:
"It's signaling a flight to safety," said Ethan Harris, head of developed-markets economic research at Bank of America Merrill Lynch in New York, on Bloomberg Television's "Surveillance Midday" with Tom Keene. "Even with the Treasury market as a weakened safe-haven market, it still gets the safe haven money."