CLOSING BELL

Dow 10068.01  -376.36, Nasdaq 2204.01  -94.36, S&P 1071.59  -43.46 

The stock market took a negative tone from the opening.  Most of the negative attitude came from fears of the European debt crisis spreading and a worst than expected jobless numbers.  Additionally, traders do not like the financial reform bill that passed today and opens the bill for a full vote and the financial sector got crushed.

The widespread losses today left the stock market to close below its 200-day moving average for the first time since July 2009, and resulted in the stock market's worst single-session slide in more than one year.  Additionally, the Volatility Index (VIX) or fear index jumped +30% to a 52 week high.

Today’s trading also can officially be called a correction, since a correction is defined as a -10% decline from the high.   Tomorrow will be an interesting day and possibly next week as the bulls and bears fight for market direction.  The question is, will fear of the EU debt crisis take control or will bargain hunters set in and scoop up stocks on the cheap?

Today some stocks bucked the trend these were MasterCard (MA) 205.50 +3.05, +1.51% and TJX Companies (TJX) 43.44 +0.25, +0.58%

Advancing Sectors: None
Declining Sectors: Financials -4.7%, Industrials -4.6%, Energy -4.4%, Materials -4.4%, Consumer Discretionary -3.8%, Tech -3.6%, Health Care -3.4%, Consumer Staples -3.2%, Utilities -3.2%, Telecom -2.7%