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Wall Street looking to Washington

Thursday, August 11, 2011 - 01:18

Aug. 10 - Investors say Wall Street needs confidence boost from Washington. Rough Cut (no reporter narration).

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After a volatile trading session that sent the S&P 500 down 4 percent, investors say that they need assurances from Congress and the White House to get back into the stock market. Fear returned to Wall Street on Wednesday , sending the S&P 500 to another 4 percent decline, triggered by worries that Europe's debt crisis could engulf French banks and spill onto the U.S. financial sector. The drop followed sweeping declines on Monday and a snap-back rally on Tuesday, sending the S&P 500 down almost 18 percent from its 2011 closing high set April 29. People leaving work on Wall Street had a variety of thought on the market's recent decline and what should be done about it. The losses came against the backdrop of recent weak U.S. economic data, the United States losing its triple-A credit rating from Standard & Poor's and the inability of lawmakers to address worries that another recession may be on the way.

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Wall Street looking to Washington

Thursday, August 11, 2011 - 01:18