Reasons fo faltering price?Gold was flat yesterday which in my view was for the best. The market in general fell hard. Short covering possible but unlikely in my view, volume is far to large, overall fear was and is the reason for the sell off that occurred.
https://biz.yahoo.com/ap/071108/wall_street.html
Stocks Extend Losses on Bernanke Remarks
Thursday November 8, 10:19 am ET
By Tim Paradis, AP Business Writer
Wall Street Extends Losses After Big Sell-Off As Bernanke Warns of Slower Economic Growth
NEW YORK (AP) -- Stocks extended their losses Thursday after Federal Reserve Chairman Ben Bernanke warned he expects a raft of economic troubles will cause business growth to slow while inflation risks continue in coming months.
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Bernanke, who was appearing before Congress' Joint Economic Committee with the Fed's economic forecast, said in prepared remarks the central bank is tracking developments closely but didn't offer any evidence the bank is prepared to further cut interest rates.
The market's pullback comes a day after stocks tumbled amid concerns about continuing credit woes, a weakening dollar and rising oil prices.
Some investors hunted for bargains in the first minutes of trading, but the gains soon evaporated. Good news, including a narrower-than-expected third-quarter loss at Ford Motor Co. and word of a buyout offer in the mining sector, was unable to sustain higher prices.
The market had fresh reason for concern about toxicity within the credit markets. Morgan Stanley issued a detailed accounting of its exposure to subprime debt, eliminating some of the uncertainty that has wracked Wall Street to varying degrees in recent months. But Morgan said late Wednesday its fourth-quarter profit could be reduced by $2.5 billion in write-downs related to troubles in the credit market, a reminder of the widespread damage from soured loans.
In the first hour of trading, the Dow Jones industrial average fell 52.67, or 0.40 percent, to 13,247.35. The Dow, for the third time in a month, dropped more than 350 points Wednesday, offering the latest sign of how jittery many investors remain.
Broader stock indicators also fell. The Standard & Poor's 500 index fell 2.84, or 0.19 percent, to 1,472.78, and the Nasdaq composite index fell 26.86, or 0.98 percent, to 2,721.90.
Government bonds showed little change after spiking Wednesday. The yield on the 10-year Treasury note, which moves opposite its price, stood at 4.30 percent -- flat with where it stood in late trading Wednesday.
The dollar was lower against other major currencies, while gold prices rose.
Light, sweet crude rose 88 cents to $97.25 on the New York Mercantile Exchange.
New York Stock Exchange: https://www.nyse.com