Market Recap: Sarkozy and Apple Tank Markets

Markets closed down on Wall Street today: Dow -0.63%, S&P -1.26%, Nasdaq -2.01%, Oil -2.6%, Gold -0.6%.

On the commodities front, Oil (NYSE:USO) dropped to $86.04 a barrel. Precious metals had a bad day too as Gold (AMEX:GLD) fell to $1,641 an ounce while Silver (AMEX:SLV) dipped 2.27% to $31.08.

Hot Feature: Sign of the Times: Washington Wealthier than Capital of Entrepreneurism.

Today’s markets were down because:

1) Greece. While the world awaits the EU’s next step, Greeks are taking to the streets after another announcement for more austerity.

2) Sarkozy is Stuck. We told you. Yesterday was an “EU is saved!” day, so today had to be the opposite. French President Nicolas Sarkozy (NYSE:EWQ) said the EU bailout talks had stalled, and the risk off bet was back on.

3) Apple. Apple (NASDAQ:AAPL) simply weighed on the Nasdaq (NASDAQ:QQQ) despite Yahoo (NASDAQ:YHOO) and Intel (NASDAQ:INTC) both announcing great quarters and having a great day in the markets.

BONUS: Did the BOE Just Confirm the Long-Term Picture for Precious Metals?