U.S. stock markets are plummeting—the Dow is now down over 500 points (-4.41%) while the S&P 500 has fallen 4.76% and the Nasdaq has lost 5.24%. Why? According to the Wall Street Journal, it's because of "disappointing U.S. economic news and Europe's ongoing sovereign debt problems."
CNBC reports, "Morgan Stanley slashed its global growth forecast for 2011 and 2012, saying the U.S. and the euro zone were 'dangerously close to a recession', and criticized policymakers in Washington and Europe for not acting more decisively to contain the sovereign debt crisis." Sounds like a good time for President Obama to go on vacation.
