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The Dow shot up 133 points intraday only to plummet back down , closing 69 points in the red. Why?
Europe, of course.
As soon as the euro dropped, so did the American markets. The Chinese reportedly are debating whether or not to sell their European bonds, and that’s what killed our upward momentum.
As Cramer has said before , until the European Central Bank cuts its interest rates to zero percent as the US did, and until the entire Continent comes together and works in a coordinated effort to end its debt crisis, our stocks will be hostage to their troubles.
Should that happen, Cramer finally will recommend investments other than the accidental high-yielders he has so often talked about. Remember, these are the companies that don’t pay big dividends but whose dividend yields have jumped because their share prices have fallen. He likes them because investors can collect that payout as they wait for a recovery, and the yield attracts other buyers who put a floor in the stocks.
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