Bears Rampage, Jobless Rate Shocks, Refco Chief Jailed

Stock market bears went on a rampage today due to a rising jobless rate and falling oil damaging the energy sector. In addition, Refco's chief Phil Bennett started his 16 year prison sentence for fraud today, topping off an already dismal day in the markets. The DJIA collapsed -347.25 to 11185.63, the Nasdaq gave back -74.69 to 2259.04 and the broad based S&P 500 plummeted -38.17 to 1236.81 earning the worst decline since January, 2008.

Terex Corp (TEX | Quote | Chart | News | PowerRating) - The construction equipment maker posted its steepest lost since 2002, falling 19.65% or $9.30 to $38.02/share after stating that profits will be less than expected this year.

Walmart (WMT | Quote | Chart | News | PowerRating) was a bright spot today adding .10% or $0.07to $59.87 due to an August sales increase

Abercrombie & Fitch (ANF | Quote | Chart | News | PowerRating) gave back 6.80% or $3.72 to $50.99/share after posting an 11% decline in August sales.

Hovnanian Enterprises (HOV | Quote | Chart | News | PowerRating) - The home builder had the largest drop since 1998 falling 17.42% or $1.35 to $6.40 on its 8th consecutive quarterly loss.

Oil dropped $1.52 to 107.83/barrel, gold gave back $6.60 to $801.60/oz and the VIX fear index exploded up 17.31% to 24.48 as fear of additional declines grip the market.

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