Top 3 Reasons Markets Crashed After Bernanke Spoke

Markets closed down on Wall Street: DJI -0.16% SP500 -0.1% Nasdaq -0.04% Gold –0.19% Oil 0.74%.

On the commodities front, Oil (NYSE:USO) put on another dollar to close at $98.74, while precious metals were mixed with Gold (NYSE:GLD) was down slightly to $1,546 and Silver (NYSE:SLV) up 1.15%.

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Today’s markets were down because:

1) Bernanke admitted the economy was slowing. Well, he admitted it then said he thinks growth will be back soon. Don’t worry, soon. Although lustful traders were hoping for some huge QE3 announcement, Bernanke still gave us more QE 2.5 where the Fed will continue buying securities and accommodating the financial markets as needed. Can someone say, ZIRP?

2) E3 took the baton from Apple. Yesterday Apple held the tech spotlight, but today the exciting video game sector was front and center. Microsoft (NASDAQ:MSFT), Sony (NYSE:SNE), Nintendo and all the big game makers started pulling back the curtain on what gamers will die for during the holiday season (Check Out: E3 Wrap Up. And the Winners are …). That’s 180 degrees away from former tech darling Research in Motion (NASDAQ:RIMM) which keeps crashing and burning.

3) Another Economic Advisor gone. Austan Goolsbee will be leaving his position as chairman of the White House’s Council of Economic Advisers. Wall St. Cheat Sheet Assistant Editor Emily Knapp explores the deeper question, “Why is Obama’s Economic Team Bailing Out?

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