Dow Slides Below 11000

NEW YORK—Stocks tumbled as investors worried that the $112.61 billion Irish bailout might not be enough to contain the euro-zone debt crisis.

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“…upon the earth distressStrongs 4928: sunoche, soon-okh-ay´; from 4912; restraint, i.e. (figuratively) anxiety: — anguish, distress. of nations, with perplexityStrongs 640: aporia, ap-or-ee´-a; from the same as 639; a (state of) quandary:—perplexity.
Strongs 639: aporeo, ap-or-eh´-o; from a compound of 1 (as a negative particle) and the base of 4198; to have no way out, i.e. be at a loss (mentally):— (stand in) doubt, be perplexed
—Luke 21:25

Root of All Evil

“For the love of money is the root Strongs 4491: rhiza, hrid´-zah; apparently a primary word; a “root” (literally or figuratively):—root of all.of all evilStrongs 2556: kakos, kak-os´; apparently a primary word; worthless (intrinsically, such; whereas 4190 properly refers to effects), i.e. (subjectively) depraved, or (objectively) injurious:—bad, evil, harm, ill, noisome, wicked. which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrowsStrongs 3601: odune, od-oo´-nay; from 1416; grief (as dejecting): — sorrow..”
—1 Timothy 6:10

The Dow Jones Industrial Average dropped 111 points, or 1%, to 10980, trading at lows not seen since October. The measure’s technology and consumer components were among the hardest hit, with Hewlett-Packard down 2.2%, Home Depot off 1.8%, Walt Disney slipping 1.3% and International Business Machines declining 1.2%.

The Standard & Poor’s 500 fell 0.9% to 1178, with all of its categories in the red. Consumer and technologies stocks had the biggest declines while financials posted the smallest drop, although they had been the S&P 500’s worst-performing category last week with a 2.5% slide.

The Nasdaq Composite fell 1.2% to 2505.

The declines came as investors continued to worry about the euro-zone debt situation even after Europe sealed a 67.5 billion euros ($89.43 billion) bailout of Ireland Sunday and for the first time crafted a blueprint for rescues that could have private-sector creditors bearing some of the cost, starting in 2013. Counting Ireland’s own contribution, which is coming out of the state’s treasury and its pension-reserve fund, the total package is 85 billion euros.

Concerns remain as to whether Portugal or Spain will also need help refinancing their debts. Those worries helped drive the euro lower to $1.3100, while the cost of insuring the debt of Portugal and Spain against default climbed.

“It’s a domino effect” that investors are afraid of, said John Brady, senior vice president at MF Global. “In Europe we’ve gone from Greece to Ireland to maybe Portugal, and now [investors worry] the big dominoes are going to fall over because the little dominoes have fallen on top.”

Adding to the concerns, the European Commission said it expects weak global markets and government efforts to cut deficits to bring a “gradual and rather uneven” recovery across the bloc’s 27 member states.

Investors flocked to the dollar for safety. The U.S. Dollar Index, tracking the U.S. currency against a basket of six others, climbed 0.7%.

Treasurys were mixed, with declines in the two-year note lifting its yield to 0.52% while increased demand for the 10-year note pushed its yield down to 2.83%. Crude-oil futures climbed above $85 a barrel while gold futures edged higher.

Data showing improved Texas-area manufacturing conditions failed to take investors’ minds off of the euro-zone debt crisis.

Among stocks in focus, online retailer climbed 0.9% on optimism for Cyber Monday sales, after the Black Friday shopping weekend signaled a rosier holiday season than last year. A record 106.9 million shoppers are expected to hit retailers’ websites Monday, up 11% from last year, according to a National Retail Federation survey.

However, most other retail stocks fell. Nordstrom dropped 3.1%, Best Buy shed 2.6%, Macy’s lost 2.8% and Big Lots declined 2%.

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