The rain in Spain didn’t stay mainly on the plains.
Spain’s government bond auction early Thursday failed to raise the 4 billion euros it sought, sending U.S. stocks plummeting. The Dow dropped 134 points, closing down 1.13 percent, with the S&P down 20 and Nasdaq 51 points lower.
“Not since the Spanish Civil War — not since Christopher Columbus, if you want to go back in time — has Spain mattered so much to the global stage — or to us,” Jim Cramer said after the closing bell.
The “Mad Money” host said he woke an hour before the 4:30 a.m. ET auction and soon stopped his research “because I knew that whatever I read would be inconsequential versus a Spanish bond that comes due in 2021.”
Disastrous bond results, Cramer said, made the question simple: How stupid is it to buy anything?
Positive reports on retail and joblessness showed that the United States was at least moving in the right direction, and several individual companies showed early gains.
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