Market Breaking News 21/11/11

1. Stocks plunged at the open Monday, with worries over a congressional debt-reduction impasse adding to escalation in the European debt crisis.

2. Existing Home Sales Rose 1.4%, Was Expected to Decline in October; Inventory Still Falling.


3. Dow Falls as Much as 300 Points as Investors Fear Debt Overhang from U.S. and Europe.


4. Stocks End Day Sharply Lower Amid Fear of Debt Crises in U.S., Europe.


5. The U.S. super-committee is expected to announce that it failed to agree on a deal to reduce the federal budget deficit by $1.2 trillion. Failure will trigger $1.2 trillion worth of automatic spending cuts starting in 2013. The healthcare and defense sectors will be hit hardest.

6. Europe's debt crisis is also no closer to being resolved. Moody's warned that France's weak economic outlook and elevated borrowing costs could eventually lead to the loss of the country's AAA rating. Borrowing costs in Europe's debt-laden countries spiked and European stock markets plummeted.

7. Experts continue to offer solutions to the eurozone crisis. There are new arguments for and against ECB money printing. Ed Yardeni and David Zervos have even suggested ways for the Federal Reserve to get involved.

8. U.S. economic data continues to come in better than expected. October annualized existing home sales unexpectedly climbed 1.4% month-over-month to 4.97 million. Analysts were expecting a decline to 4.8 million.

9. Despite the positive economic data, markets were overwhelmed by uncertainty out of both Europe and the U.S. Investors flocked to the safe havens like U.S. Treasury securities. The 10-year note is at 1.96% and the 30-year bond is at 2.95%. Gold, which some argue to be a safe haven, wasn't safe at all today. Gold futures fell $46.50/oz, or 2.7%, to $1,678.60/oz.

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