JEWISH KING JESUS IS COMING AT THE RAPTURE FOR US IN THE CLOUDS-DON'T MISS IT FOR THE WORLD.THE BIBLE TAKEN LITERALLY- WHEN THE PLAIN SENSE MAKES GOOD SENSE-SEEK NO OTHER SENSE-LEST YOU END UP IN NONSENSE.GET SAVED NOW- CALL ON JESUS TODAY.THE ONLY SAVIOR OF THE WHOLE EARTH - NO OTHER.
1 COR 15:23-JESUS THE FIRST FRUITS-CHRISTIANS RAPTURED TO JESUS-FIRST FRUITS OF THE SPIRIT-23 But every man in his own order: Christ the firstfruits; afterward they that are Christ’s at his coming.ROMANS 8:23 And not only they, but ourselves also, which have the firstfruits of the Spirit, even we ourselves groan within ourselves, waiting for the adoption, to wit, the redemption of our body.(THE PRE-TRIB RAPTURE)
HOARDING OF GOLD AND SILVER
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
THE DOW IS CURRENTLY DOWN -375 POINTS AS I WRITE THIS AT 1:07PM AUG 21, 15.WE WILL SEE HOW MUCH ITS DOWN AT THE END OF THE TRADING DAY-WEEK IN THREE HOURS.THE DOW FELL -530.81 POINTS TODAY-ITS 4:03PM AUG 21,15-THIS IS THE BIGGEST DROP SINCE 2011.
By Patrick Gillespie-Massive sell-off leads to 530-point plunge for Dow-UPDATED 3:04 PM CDT Aug 21, 2015-wvtm13
NEW YORK (CNNMoney) —The Dow Jones industrial average fell 530 points to close at 16,460 Friday during its fourth-straight day of losses.Around the world, major indexes also fell for the week and most are negative for the month.The Dow dipped into correction territory, falling 10% from its most recent high hit on May 19.The S&P 500 was also down 5.5% for the week, its worst weekly performance since 2011, while the Nasdaq fell 6.5% and was also close to correction territory.The losses are just as bad, if not worse, abroad with some indexes in China and the U.K. stock market all now in correction.How bad is China's economic slowdown? The latest red flag came Friday morning from China. The government reported that its manufacturing activity -- a key sign of economic performance -- hit a 6-year low in July.After the government devalued its currency last week, Wall Street has become extra worried about the China slowdown.Although Chinese officials say the economy grew 7% earlier this year, many experts wonder if it's worse."There's nobody that really believes that China is growing at 7%," said Tim Anderson, managing director at MND Partners in New York. "They're afraid to say to what degree their economy has really slowed down."Will the Fed raise rates in September-As if China wasn't worrying investors enough, the odds of a Fed rate hike in September seems to have lowered.Earlier this week, the central bank released the minutes from its July meeting, which showed some members are ready to go forward with a rate hike while others are concerned about the global economy and non-existent inflation in the U.S.The uncertainty from the minutes -- along with China -- was a one-two punch that drove the markets down further."I am still saying yes [for September], but I have much less conviction," says David Joy, chief economist at Ameriprise Financial in Boston. "It's still an open question on whether they would move in September or not."Oil prices are at 6 1/2 year lows-And then there's oil. Crude oil prices fell to again this week, and are flirting with the $40 a barrel level. A year ago a barrel of oil was about $100.Oil is a lifeline of economic growth for many developing countries, which are also seeing their currencies lose value because of their economic exposure to China.Brazil's currency, the real, has fallen 9% against the dollar in just the past 4 weeks. Colombia, Chile, Vietnam and Indonesia have also seen significant currency drops against the dollar.Less demand for oil hurts these country's economies, which rely on China as a trade partner.The fall in oil prices is hurting U.S. energy stocks too. Exxon and Chevron are down 25% and 38% respectively over the past year.
Oil sinks to $40, logs longest weekly losing streak in 29 years-Reuters-AUG 21,15-YAHOONEWS
NEW YORK (Reuters) - U.S. oil prices dived again on Friday, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets.World stock and currency markets joined an extended rout across raw materials this week, a slump accelerated on Friday by data showing activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August.With deepening gloom over demand growth from the world's second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this autumn, dealers said most oil traders were unwilling to fight the tide."The market is stuck in a relentless downtrend," said Robin Bieber, a director at London brokerage PVM Oil Associates."The trend is down - stick with it."U.S. October crude fell $1.02, or 2.5 percent, to $40.29 a barrel by 11:22 a.m. EDT (1522 GMT), having touched a new 6-1/2-year low of $40.11 a barrel earlier. Front-month U.S. crude has fallen 33 percent over eight consecutive weeks of losses, the longest such losing streak since 1986.Brent oil fell $1.28, or 2.75 percent, to $45.33 a barrel, threatening to break below $45 a barrel for the first time since March 2009.The U.S. S&P fell about 2 percent on Friday and is down over 4 percent for the week, its worst weekly decline in at least three years. The dollar also fell, lending a small measure of support to oil prices but also suggesting a lowering of expectations of a U.S. interest rate hike in September.In late 1985, oil prices slumped to $10 a barrel from around $30 over five months as OPEC raised output to regain market share following an increase in non-OPEC production.Although the current collapse in oil prices, the second this year, has raised alarm within the Organization of the Petroleum Exporting Countries (OPEC), including some of its core Gulf members, there is no indication they will reverse their policy of keeping production wide open to defend market share, delegates told Reuters this week.As a result, oil traders are looking for further signs of a slowdown in U.S. production to put a floor under the market. U.S. rig data due later on Friday will show whether oil drillers stepped up activity for a fifth straight week, which could signal unexpectedly stronger output in the coming months.(Additional reporting by Christopher Johnson in London and Jacob Gronholt-Pedersen in Singapore; Editing by Dale Hudson, William Hardy and Paul Simao)
10 Currencies That May Follow Tenge in Tumble Triggered by China-Paul Wallace Srinivasan Sivabalan-Updated on August 20, 2015 — 8:11 PM EDT-bloomberg
On most days, Kazakhstan finds itself in the backwaters of financial markets. Yet, it’s this central Asian nation that has delivered the latest shock to global currency trading.Thursday’s 22 percent plunge in the tenge after Kazakhstan abandoned control of its exchange rate revealed a sense of urgency among policy makers: they had tried a managed depreciation just a day earlier. The escalation signaled to investors that it has become too costly for developing nations to defend their currencies. Vietnam also devalued the dong, while freely traded currencies such the South African rand and Turkey’s lira extended losses.The trigger for the wave of depreciations was China’s decision to weaken the yuan on Aug. 11, leaving countries competing with the world’s second-largest economy in export markets and those selling goods to it at a disadvantage. That added to the woes of emerging markets already reeling from a looming increase in U.S. interest rates and weakness in oil prices. Some, like the countries of the former Soviet Union, face an additional problem: the ruble’s continued weakness puts them in an unfavorable position in their trade with Russia.Here’s a look at the currencies that are among those most at risk from this conflux of global developments:* Saudi Arabia’s riyal: Armed with $672 billion in foreign reserves, Saudi Arabia, the world’s largest oil exporter, has enough capacity to hold the peg, according to Deutsche Bank AG. Nonetheless, speculators are betting on a break of the currency regime as crude oil tumbled to a seven-year low. The forwards, contracts used by traders to bet on or hedge against future price moves, fell to the weakest since 2003, implying about a 1 percent decline in the riyal over the next 12 months.* Turkmenistan’s manat: This oil-exporting nation with close economic ties to Russia devalued its currency by 19 percent in January. Stockholm-based SEB AB forecasts a further weakening of as much as 20 percent in the next six months.* Tajikistan’s somoni: The nation has close ties with Kazakhstan, which accounts for about 11 percent of trade, and SEB expects a depreciation of 10 to 20 percent.* Armenia’s dram: The currency has lost 15 percent in the past 12 months, compared with a 46 percent drop in the ruble. A quarter of the country’s trade is with Russia.* Kyrgyzstan’s som: The weaker tenge will put pressure the som because of this country’s ties to Kazakhstan, according to BMI Research.* Egypt’s pound: The country has limited investors’ access to foreign currencies amid a shortage since the 2011 Arab Spring protests. Traders are betting the pound will weaken about 22 percent in a year, according to 12-month non-deliverable forwards.* Turkey’s lira: It’s one of the world’s worst-performing currencies since China’s devaluation on Aug. 11. An escalation in political violence and the probability of early elections compound the issues.* Nigeria’s naira: Policy makers in this oil-exporting nation are trying to hold the currency at a level most see as too high. Trading in forwards indicates the currency will fall more than 20 percent against the dollar over the next year.* Ghana’s cedi: Also an oil exporter, though its main problems are mainly fiscal imbalances, rising inflation and increasing debt.* Zambia’s kwacha: The country is heavily exposed to China as copper accounts for about 70 percent of exports.* Malaysia’s ringgit: The currency slid to a 17-year low on Thursday and foreign-exchange reserves fell below the $100 billion mark for the first time since 2010.
Fears over China and Greece push down US stocks for 2nd day-US stocks join global market rout for 2nd day on worries over China; Nasdaq nears a correction-Associated Press By Bernard Condon, AP Business Writer-AUG 21,15-YAHOONEWS
NEW YORK (AP) -- U.S. stocks are dropping sharply for a second day following a sell-off in major indexes around the world on growing evidence that China's economy is slowing. The new bout of global selling followed news of a survey showing manufacturers on the mainland continue to contract. Investors are also worried about more turmoil in Greece after the resignation of its prime minister.KEEPING SCORE: The Dow Jones industrial average fell 296 points, or 1.7 percent, to 16,694 as of 12:23 p.m. Eastern time. The Standard & Poor's 500 index dropped 35 points, or 1.7 percent, to 2,000. The Nasdaq skidded 93 points, or 1.9 percent, to 4,784.TECH CORRECTION?: The Nasdaq is now about 8 percent off its recent high of 5,218.86 on July 20. That puts it within shooting range of what traders call a "correction," or a fall from a high of more 10 percent.BROAD DROP: All 10 sectors of the S&P 500 fell, led by a 1.9 drop in information technology shares.CHINA JITTERS: In China, a preliminary version of a gauge of business activity, the Caixin purchasing managers' index, fell to an unexpectedly low 47.1 points. Numbers below 50 show a contraction.The devaluation of the yuan last week has shaken confidence in the world's No. 2 economy. The Shanghai Composite index suffered another steep drop of 4.3 percent on Friday.THE QUOTE: "China has been on a mission to keep up the illusion of a gradual slowdown, but dealers aren't buying it anymore," said David Madden, market analyst at IG.OH, DEERE: Deere & Co. fell $6.01, or 6 percent, to $84.63 after it cut its full-year outlook. It said it expects the weak agriculture and energy sectors to continue dragging down equipment sales.EUROPE DOWN: In Europe, France's CAC-40 declined 3.2 percent while Germany's DAX fell 2.9 percent. In Britain, the FTSE 100 index was down 2.8 percent. GREECE BACK, TOO: Greece looks headed for another election on Sept. 20 provided opposition parties can't form a new government. Prime Minister Alexis Tsipras is hoping to capitalize on his personal popularity in the election as he seeks a new mandate to govern. The country earlier this week got its hands on the first tranche of cash from its third international bailout.ANALYST TAKE: "While the decision to have a new vote is likely to increase political uncertainty in the short term .... the hope is that the more dysfunctional members of his government will get pushed to the sidelines," said Michael Hewson, chief market analyst at CMC Markets.ASIA'S DAY: Tokyo's Nikkei 225 was off 3 percent, Seoul's Kospi shed 2 percent and Hong Kong's Hang Seng fell 1.5 percent.ENERGY: A slowdown in China has the potential to significantly crimp demand for oil. The benchmark U.S. crude plunged $1.25. or 3 percent, to $40.07 per barrel on the New York Mercantile Exchange. It has now been in decline for eight consecutive weeks, the longest streak since 1986. Brent crude, which is used to price international oils, fell $1.36 to $45.26 in London.CURRENCY: The euro rose 0.4 percent to $1.1355. The dollar was also 0.6 percent lower at 122.15 yen.
How Much Longer Can Saudi Arabia's Economy Hold Out Against Cheap Oil?-Saudi Arabia got lucky when the oil price fell in 1998. What about now?-Vivian Nereim Donna Abu-Nasr-August 21, 2015 — 12:01 AM EDT-bloomberg
The oil price was near its lowest in more than a decade, cash reserves were being depleted, emerging markets were in turmoil and Saudi Arabia was beginning to panic.“It was a very scary moment,” said Khalid Alsweilem, former head of investment at the Saudi Arabian Monetary Agency, the country’s central bank. “And luckily at that point, oil prices started going up. Not by design, by good luck.”That was 1998, and now Saudi Arabia’s fortunes threaten to turn again. This time, luck might not be enough as the government tries to protect the wealth of a nation whose economy has swelled by five times since then. The bastion of conservative Sunni Islam also is paying for an expanding role in regional conflicts in the face of a resurgent Iran and Islamic State extremists who have bombed Saudi mosques.Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade. Reserves at the central bank tumbled 10 percent from a year ago, or by more than $70 billion.As a result, bets on the devaluation of the riyal are surging. The Tadawul All Share Index lost 18 percent in the past three months and dragged stocks down across the Gulf region. The benchmark’s moving averages made a so-called death cross on Aug. 18, a sign to some investors that more losses are ahead.-Patient Saudis-The Saudis have “played a waiting game,” Robert Burgess, Deutsche Bank AG’s chief economist for emerging markets in Europe, the Middle East and Africa, said from London. “The budget for next year is going to be a very important milestone that the markets are going to be focusing on quite intently.”With oil prices down by more than half over the past 12 months to below $50, Saudi Arabia faces many of the same financial problems it did in 1998..There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis”“There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis”The difference is the sheer cost of maintaining the state as an employment machine and guarantor of the riches that Saudis have become accustomed to since the last squeeze. Subsidized gasoline costs 16 cents per liter and while there’s the religious levy called zakat, there is no personal income tax in the nation of 30 million people.“The Saudi government can’t continue to be the employer of first resort, it can’t continue to drive economic growth through the big infrastructure projects and it can’t keep lavishing on subsidies and social spending,” said Farouk Soussa, chief Middle East economist for Citigroup Inc. in London.-Taking Action-That’s not to suggest Saudi Arabia is headed for the kind of spending cuts and tax increases more familiar to austerity-hit Europeans. The government, for instance, could first freeze the expansion of two mosques in Mecca or tax wealthy landowners, Jamal Khashoggi, a former media adviser to Saudi Prince Turki al-Faisal, said by phone from Riyadh.“There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis,” said Khashoggi. “Yes, it’s a difficult time and maybe it could have been much better if we did what we’re doing today a couple of years ago when the price of oil was in the $100s.”During those good times, King Abdullah, who ruled from 2005 until his death in January, increased social spending as the Arab Spring uprisings toppled leaders elsewhere.It’s also not like Saudi Arabia has no control over its destiny. Oil rebounded after 1998 – the price of crude advanced in 11 of the 16 calendar years since then – not least because the Saudis used their clout as the de facto leader of the Organization of Petroleum Exporting Countries, or OPEC.What Crisis?-The country has declined to cut production and lift prices over the past year to gain market share from the shale industry in the U.S. and other producers with higher expenses, even if that’s come at a cost to its finances. Saudi Arabia still has $664 billion of net foreign assets, equal to almost 90 percent of the economy, and little debt.“I wouldn’t say there’s any kind of crisis or even a crisis on the near horizon,” said David Butter, associate fellow at Chatham House in London. “They’re in the oil business. They’ve had it pretty good for quite a long time and that’s not typical.”Even so, the IMF recommends that Saudi Arabia control its growing wage bill, make changes to government subsidies for fuel and electricity and bring in more non-oil revenue through taxes. The country’s breakeven oil price – the point at which it can balance its budget – is about $100, said Soussa at Citigroup.Fuel subsidies alone will cost Saudi Arabia as much as 195 billion riyals ($52 billion) this year, or 8 percent of GDP, Riyadh-based Samba Financial Group said in an Aug. 18 report. Central bank Governor Fahad al-Mubarak already has called for a review of price subsidies.A new economic council headed by Deputy Crown Prince Mohammed bin Salman could help make the changes if it can move quickly, said Alsweilem, the former investment chief who is now a fellow at Harvard University’s Belfer Center.While less per capita than in smaller energy-rich Gulf states Qatar and the United Arab Emirates, the relative wealth of Saudi Arabia means the government might need to tread carefully. Any adjustment will be “jarring,” said Soussa.“These are things that are absolutely politically explosive,” he said. “You’ve gotten accustomed to a certain lifestyle and that lifestyle is far in excess in terms of luxury that was prevailing in 1998.”
U.S. Stocks Head for Worst Week of 2015 Amid Global Selloff-Joseph Ciolli-Updated on August 21, 2015 — 11:57 AM EDT-bloomberg
A global stock selloff sparked by world growth concerns showed no signs of relenting, sending U.S. stocks toward the worst week since 2011.The Standard & Poor’s 500 Index fell again after its steepest one-day decline since February 2014. The benchmark gauge is down more than 6 percent from its last record in May, after dropping below a trading range that has supported it for most of the year.The S&P 500 lost 1.8 percent to 1,999.6 at 11:50 a.m. in New York and is down 4.4 percent this week, dipping below the 2,000 level for the first time since February. The Nasdaq 100 Index slumped 2.3 percent to extend its biggest two-day drop since 2011. The Russell 2000 Index of smaller companies sank 1.3 percent, extending its drop from a June record to more than 10 percent. The VIX, the benchmark gauge of U.S. equity options, was poised for its biggest weekly gain on record amid demand for contracts to protect against further losses.“Yesterday was a decimation in the market,” said Michael James, managing director of equity trading at Wedbush Securities Inc. in Los Angeles. “You typically tend to have a follow-through after big days. Given we broke below just about all key short-term technical levels, it isn’t surprising to see us down again today.”U.S. equities followed overseas markets lower, as the Stoxx Europe 600 Index tumbling 2.4 percent and the MSCI All-Country World Index slid 1.6 percent.More than $500 billion was erased Thursday as investors targeted the year’s biggest winners such as Netflix. The S&P 500 is down 4 percent for the week, poised for its worst showing since 2012. Groups from biotechs to energy companies are in a correction, down more than 10 percent from their highs, while chip stocks have tumbled 20 percent from a peak, meeting the definition of a bear market.China Manufacturing-Equities continued to slide today after China released its weakest manufacturing data since the global financial crisis, which accelerated losses in riskier assets. Worries about the world economy had already been intensifying after China devalued its currency last week, compounded by uncertainty about what Federal Reserve inflation concerns portend for interest rates.“This market won’t have legs until we have further clarity on the Chinese currency and U.S. rates -- right now we have neither,” said Michael Ingram, a market strategist at BGC Partners in London. “Even then, the dependent question mark over growth will linger. Investors are scared and confused, and if you are an emerging market equity investor, probably close to suicidal.”Trading Range-Before this week, U.S. equities had held their ground throughout 2015, weathering turmoil from Greece and headwinds including a strong dollar that threatened multinationals’ earnings and a more than 60 percent drop in oil prices.The S&P 500 stuck within a range roughly tracking its 50-, 100- and 200-day moving averages, boosted by signs the economy is recovering and support from central banks. The benchmark index hadn’t had a decline of more than 5 percent all year, and hasn’t dropped more than 10 percent since 2011.Amid the selloff, the S&P 500 is still trading at 17.9 times earnings. That’s down from 18.9 times a month ago, which was near a five-year high, but still exceeds the five-year historical average of 16.1 times profit.Data in the U.S. today showed an August factory employment gauge dropped to a one-year low. Investors are watching economic data for clues on when the Fed will raise interest rates.Slower global growth may cause the Fed to delay its first rate increase since 2006. Minutes of the central bank’s latest meeting, released earlier this week, showed officials are concerned about stubbornly low inflation even as the job market improves. Traders are now pricing in a 34 percent probability of a rate move at the September meeting, down from 50 percent before the release of the minutes.VIX Surges-The Chicago Board Options Exchange Volatility Index surged 28 percent to 24.49. The measure has rallied 80 percent this week, which would mark its biggest five-day gain since June 2012.The Chicago Board Options Exchange Volatility Index surged 20 percent to 23.02. The measure has rallied 90 percent this week, the biggest gain since it was created in 1990.Investors are selling the biggest winners of 2015. Companies that have come to be known as the Fab Five -- Netflix Inc., Facebook Inc., Amazon.com Inc., Google Inc. and Apple Inc.-- have seen $97 billion in market value erased over two days. Losses have pushed the Nasdaq 100 Index down 5 percent, the biggest decline for that period in almost four years-Broad Retreat-All 10 major groups in the S&P 500 retreated. Technology companies dropped 2.1 percent, while energy and consumer discretionary shares slid more than 2 percent.Intuit Inc. was the biggest decliner in the benchmark gauge, plunging as much as 17 percent, the most since March 2003. The company, which makes Quicken home-accounting software, fell after providing annual forecasts for sales and earnings that trailed analysts’ estimates.Facebook Inc. and Apple Inc. were also among the biggest drags in the technology sector, losing more than 3.4 percent. Skyworks Solutions Inc. slid 2.7 percent as the Philadelphia Semiconductor Index fell into a bear market, having plummeted 21 percent from a 15-year high reached in June.Ross Stores Inc. decreased 7.8 percent after reporting quarterly earnings after providing earnings guidance that fell short of analyst expectations. The company’s stock has slipped 9.6 percent over the past three trading sessions.Valero Energy Corp. and Marathon Petroleum Corp. were the biggest losers in the S&P 500’s energy sector, in which 36 out of 40 stocks fell. Tesoro Corp. and Halliburton Co. declined more than 5 percent.
HOARDING OF GOLD AND SILVER
DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.
JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.(IN 1 HR THE STOCK MARKETS WORLDWIDE WILL CRASH)
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.
EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed:(CONFISCATED) their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.
LUKE 2:1-3
1 And it came to pass in those days, that there went out a decree from Caesar Augustus, that all the world should be taxed.
2 (And this taxing was first made when Cyrenius was governor of Syria.)
3 And all went to be taxed, every one into his own city.
REVELATION 13:16-18
16 And he(THE FALSE POPE WHO DEFECTED FROM THE CHRISTIAN FAITH) causeth all,(IN THE WORLD ) both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(MICROCHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark,(MICROCHIP IMPLANT) or the name of the beast,(WORLD DICTATORS NAME INGRAVED ON YOUR SKIN OR TATTOOED ON YOU OR IN THE MICROCHIP IMPLANT) or the number of his name.(THE NUMBERS OF HIS NAME INGRAVED IN THE MICROCHIP IMLPLANT)-(ALL THESE WILL TELL THE WORLD DICTATOR THAT YOUR WITH HIM AND AGAINST KING JESUS-GOD)
18 Here is wisdom. Let him that hath understanding count the number of the beast:(WORLD LEADER) for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM (6006006)OR(60020202006)(SOME KIND OF NUMBER IMPLANTED IN THE MICROCHIP THAT TELLS THE WORLD DICTATOR AND THE NEW WORLD ORDER THAT YOU GIVE YOUR TOTAL ALLIGIENCE TO HIM AND NOT JESUS)(ITS AN ETERNAL DECISION YOU MAKE)(YOU CHOOSE YOUR OWN DESTINY)(YOU TAKE THE DICTATORS NAME OR NUMBER UNDER YOUR SKIN,YOUR DOOMED TO THE LAKE OF FIRE AND TORMENTS FOREVER,NEVER ENDING MEANT ONLY FOR SATAN AND HIS ANGELS,NOT HUMAN BEINGS).OR YOU REFUSE THE MICROCHIP IMPLANT AND GO ON THE SIDE OF KING JESUS AND RULE FOREVER WITH HIM ON EARTH.YOU CHOOSE,ITS YOUR DECISION.
THE DOW IS CURRENTLY DOWN -375 POINTS AS I WRITE THIS AT 1:07PM AUG 21, 15.WE WILL SEE HOW MUCH ITS DOWN AT THE END OF THE TRADING DAY-WEEK IN THREE HOURS.THE DOW FELL -530.81 POINTS TODAY-ITS 4:03PM AUG 21,15-THIS IS THE BIGGEST DROP SINCE 2011.
By Patrick Gillespie-Massive sell-off leads to 530-point plunge for Dow-UPDATED 3:04 PM CDT Aug 21, 2015-wvtm13
NEW YORK (CNNMoney) —The Dow Jones industrial average fell 530 points to close at 16,460 Friday during its fourth-straight day of losses.Around the world, major indexes also fell for the week and most are negative for the month.The Dow dipped into correction territory, falling 10% from its most recent high hit on May 19.The S&P 500 was also down 5.5% for the week, its worst weekly performance since 2011, while the Nasdaq fell 6.5% and was also close to correction territory.The losses are just as bad, if not worse, abroad with some indexes in China and the U.K. stock market all now in correction.How bad is China's economic slowdown? The latest red flag came Friday morning from China. The government reported that its manufacturing activity -- a key sign of economic performance -- hit a 6-year low in July.After the government devalued its currency last week, Wall Street has become extra worried about the China slowdown.Although Chinese officials say the economy grew 7% earlier this year, many experts wonder if it's worse."There's nobody that really believes that China is growing at 7%," said Tim Anderson, managing director at MND Partners in New York. "They're afraid to say to what degree their economy has really slowed down."Will the Fed raise rates in September-As if China wasn't worrying investors enough, the odds of a Fed rate hike in September seems to have lowered.Earlier this week, the central bank released the minutes from its July meeting, which showed some members are ready to go forward with a rate hike while others are concerned about the global economy and non-existent inflation in the U.S.The uncertainty from the minutes -- along with China -- was a one-two punch that drove the markets down further."I am still saying yes [for September], but I have much less conviction," says David Joy, chief economist at Ameriprise Financial in Boston. "It's still an open question on whether they would move in September or not."Oil prices are at 6 1/2 year lows-And then there's oil. Crude oil prices fell to again this week, and are flirting with the $40 a barrel level. A year ago a barrel of oil was about $100.Oil is a lifeline of economic growth for many developing countries, which are also seeing their currencies lose value because of their economic exposure to China.Brazil's currency, the real, has fallen 9% against the dollar in just the past 4 weeks. Colombia, Chile, Vietnam and Indonesia have also seen significant currency drops against the dollar.Less demand for oil hurts these country's economies, which rely on China as a trade partner.The fall in oil prices is hurting U.S. energy stocks too. Exxon and Chevron are down 25% and 38% respectively over the past year.
Oil sinks to $40, logs longest weekly losing streak in 29 years-Reuters-AUG 21,15-YAHOONEWS
NEW YORK (Reuters) - U.S. oil prices dived again on Friday, threatening to dip below $40 a barrel for the first time since the financial crisis and notching their longest weekly losing streak since 1986, as a drop in Chinese manufacturing rattled global markets.World stock and currency markets joined an extended rout across raw materials this week, a slump accelerated on Friday by data showing activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August.With deepening gloom over demand growth from the world's second-biggest oil user, and expectations for a significant build-up in surplus oil stocks this autumn, dealers said most oil traders were unwilling to fight the tide."The market is stuck in a relentless downtrend," said Robin Bieber, a director at London brokerage PVM Oil Associates."The trend is down - stick with it."U.S. October crude fell $1.02, or 2.5 percent, to $40.29 a barrel by 11:22 a.m. EDT (1522 GMT), having touched a new 6-1/2-year low of $40.11 a barrel earlier. Front-month U.S. crude has fallen 33 percent over eight consecutive weeks of losses, the longest such losing streak since 1986.Brent oil fell $1.28, or 2.75 percent, to $45.33 a barrel, threatening to break below $45 a barrel for the first time since March 2009.The U.S. S&P fell about 2 percent on Friday and is down over 4 percent for the week, its worst weekly decline in at least three years. The dollar also fell, lending a small measure of support to oil prices but also suggesting a lowering of expectations of a U.S. interest rate hike in September.In late 1985, oil prices slumped to $10 a barrel from around $30 over five months as OPEC raised output to regain market share following an increase in non-OPEC production.Although the current collapse in oil prices, the second this year, has raised alarm within the Organization of the Petroleum Exporting Countries (OPEC), including some of its core Gulf members, there is no indication they will reverse their policy of keeping production wide open to defend market share, delegates told Reuters this week.As a result, oil traders are looking for further signs of a slowdown in U.S. production to put a floor under the market. U.S. rig data due later on Friday will show whether oil drillers stepped up activity for a fifth straight week, which could signal unexpectedly stronger output in the coming months.(Additional reporting by Christopher Johnson in London and Jacob Gronholt-Pedersen in Singapore; Editing by Dale Hudson, William Hardy and Paul Simao)
10 Currencies That May Follow Tenge in Tumble Triggered by China-Paul Wallace Srinivasan Sivabalan-Updated on August 20, 2015 — 8:11 PM EDT-bloomberg
On most days, Kazakhstan finds itself in the backwaters of financial markets. Yet, it’s this central Asian nation that has delivered the latest shock to global currency trading.Thursday’s 22 percent plunge in the tenge after Kazakhstan abandoned control of its exchange rate revealed a sense of urgency among policy makers: they had tried a managed depreciation just a day earlier. The escalation signaled to investors that it has become too costly for developing nations to defend their currencies. Vietnam also devalued the dong, while freely traded currencies such the South African rand and Turkey’s lira extended losses.The trigger for the wave of depreciations was China’s decision to weaken the yuan on Aug. 11, leaving countries competing with the world’s second-largest economy in export markets and those selling goods to it at a disadvantage. That added to the woes of emerging markets already reeling from a looming increase in U.S. interest rates and weakness in oil prices. Some, like the countries of the former Soviet Union, face an additional problem: the ruble’s continued weakness puts them in an unfavorable position in their trade with Russia.Here’s a look at the currencies that are among those most at risk from this conflux of global developments:* Saudi Arabia’s riyal: Armed with $672 billion in foreign reserves, Saudi Arabia, the world’s largest oil exporter, has enough capacity to hold the peg, according to Deutsche Bank AG. Nonetheless, speculators are betting on a break of the currency regime as crude oil tumbled to a seven-year low. The forwards, contracts used by traders to bet on or hedge against future price moves, fell to the weakest since 2003, implying about a 1 percent decline in the riyal over the next 12 months.* Turkmenistan’s manat: This oil-exporting nation with close economic ties to Russia devalued its currency by 19 percent in January. Stockholm-based SEB AB forecasts a further weakening of as much as 20 percent in the next six months.* Tajikistan’s somoni: The nation has close ties with Kazakhstan, which accounts for about 11 percent of trade, and SEB expects a depreciation of 10 to 20 percent.* Armenia’s dram: The currency has lost 15 percent in the past 12 months, compared with a 46 percent drop in the ruble. A quarter of the country’s trade is with Russia.* Kyrgyzstan’s som: The weaker tenge will put pressure the som because of this country’s ties to Kazakhstan, according to BMI Research.* Egypt’s pound: The country has limited investors’ access to foreign currencies amid a shortage since the 2011 Arab Spring protests. Traders are betting the pound will weaken about 22 percent in a year, according to 12-month non-deliverable forwards.* Turkey’s lira: It’s one of the world’s worst-performing currencies since China’s devaluation on Aug. 11. An escalation in political violence and the probability of early elections compound the issues.* Nigeria’s naira: Policy makers in this oil-exporting nation are trying to hold the currency at a level most see as too high. Trading in forwards indicates the currency will fall more than 20 percent against the dollar over the next year.* Ghana’s cedi: Also an oil exporter, though its main problems are mainly fiscal imbalances, rising inflation and increasing debt.* Zambia’s kwacha: The country is heavily exposed to China as copper accounts for about 70 percent of exports.* Malaysia’s ringgit: The currency slid to a 17-year low on Thursday and foreign-exchange reserves fell below the $100 billion mark for the first time since 2010.
Fears over China and Greece push down US stocks for 2nd day-US stocks join global market rout for 2nd day on worries over China; Nasdaq nears a correction-Associated Press By Bernard Condon, AP Business Writer-AUG 21,15-YAHOONEWS
NEW YORK (AP) -- U.S. stocks are dropping sharply for a second day following a sell-off in major indexes around the world on growing evidence that China's economy is slowing. The new bout of global selling followed news of a survey showing manufacturers on the mainland continue to contract. Investors are also worried about more turmoil in Greece after the resignation of its prime minister.KEEPING SCORE: The Dow Jones industrial average fell 296 points, or 1.7 percent, to 16,694 as of 12:23 p.m. Eastern time. The Standard & Poor's 500 index dropped 35 points, or 1.7 percent, to 2,000. The Nasdaq skidded 93 points, or 1.9 percent, to 4,784.TECH CORRECTION?: The Nasdaq is now about 8 percent off its recent high of 5,218.86 on July 20. That puts it within shooting range of what traders call a "correction," or a fall from a high of more 10 percent.BROAD DROP: All 10 sectors of the S&P 500 fell, led by a 1.9 drop in information technology shares.CHINA JITTERS: In China, a preliminary version of a gauge of business activity, the Caixin purchasing managers' index, fell to an unexpectedly low 47.1 points. Numbers below 50 show a contraction.The devaluation of the yuan last week has shaken confidence in the world's No. 2 economy. The Shanghai Composite index suffered another steep drop of 4.3 percent on Friday.THE QUOTE: "China has been on a mission to keep up the illusion of a gradual slowdown, but dealers aren't buying it anymore," said David Madden, market analyst at IG.OH, DEERE: Deere & Co. fell $6.01, or 6 percent, to $84.63 after it cut its full-year outlook. It said it expects the weak agriculture and energy sectors to continue dragging down equipment sales.EUROPE DOWN: In Europe, France's CAC-40 declined 3.2 percent while Germany's DAX fell 2.9 percent. In Britain, the FTSE 100 index was down 2.8 percent. GREECE BACK, TOO: Greece looks headed for another election on Sept. 20 provided opposition parties can't form a new government. Prime Minister Alexis Tsipras is hoping to capitalize on his personal popularity in the election as he seeks a new mandate to govern. The country earlier this week got its hands on the first tranche of cash from its third international bailout.ANALYST TAKE: "While the decision to have a new vote is likely to increase political uncertainty in the short term .... the hope is that the more dysfunctional members of his government will get pushed to the sidelines," said Michael Hewson, chief market analyst at CMC Markets.ASIA'S DAY: Tokyo's Nikkei 225 was off 3 percent, Seoul's Kospi shed 2 percent and Hong Kong's Hang Seng fell 1.5 percent.ENERGY: A slowdown in China has the potential to significantly crimp demand for oil. The benchmark U.S. crude plunged $1.25. or 3 percent, to $40.07 per barrel on the New York Mercantile Exchange. It has now been in decline for eight consecutive weeks, the longest streak since 1986. Brent crude, which is used to price international oils, fell $1.36 to $45.26 in London.CURRENCY: The euro rose 0.4 percent to $1.1355. The dollar was also 0.6 percent lower at 122.15 yen.
How Much Longer Can Saudi Arabia's Economy Hold Out Against Cheap Oil?-Saudi Arabia got lucky when the oil price fell in 1998. What about now?-Vivian Nereim Donna Abu-Nasr-August 21, 2015 — 12:01 AM EDT-bloomberg
The oil price was near its lowest in more than a decade, cash reserves were being depleted, emerging markets were in turmoil and Saudi Arabia was beginning to panic.“It was a very scary moment,” said Khalid Alsweilem, former head of investment at the Saudi Arabian Monetary Agency, the country’s central bank. “And luckily at that point, oil prices started going up. Not by design, by good luck.”That was 1998, and now Saudi Arabia’s fortunes threaten to turn again. This time, luck might not be enough as the government tries to protect the wealth of a nation whose economy has swelled by five times since then. The bastion of conservative Sunni Islam also is paying for an expanding role in regional conflicts in the face of a resurgent Iran and Islamic State extremists who have bombed Saudi mosques.Economists are predicting a budget deficit of as much as 20 percent of gross domestic product and the International Monetary Fund forecasts a first Saudi current-account deficit in more than a decade. Reserves at the central bank tumbled 10 percent from a year ago, or by more than $70 billion.As a result, bets on the devaluation of the riyal are surging. The Tadawul All Share Index lost 18 percent in the past three months and dragged stocks down across the Gulf region. The benchmark’s moving averages made a so-called death cross on Aug. 18, a sign to some investors that more losses are ahead.-Patient Saudis-The Saudis have “played a waiting game,” Robert Burgess, Deutsche Bank AG’s chief economist for emerging markets in Europe, the Middle East and Africa, said from London. “The budget for next year is going to be a very important milestone that the markets are going to be focusing on quite intently.”With oil prices down by more than half over the past 12 months to below $50, Saudi Arabia faces many of the same financial problems it did in 1998..There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis”“There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis”The difference is the sheer cost of maintaining the state as an employment machine and guarantor of the riches that Saudis have become accustomed to since the last squeeze. Subsidized gasoline costs 16 cents per liter and while there’s the religious levy called zakat, there is no personal income tax in the nation of 30 million people.“The Saudi government can’t continue to be the employer of first resort, it can’t continue to drive economic growth through the big infrastructure projects and it can’t keep lavishing on subsidies and social spending,” said Farouk Soussa, chief Middle East economist for Citigroup Inc. in London.-Taking Action-That’s not to suggest Saudi Arabia is headed for the kind of spending cuts and tax increases more familiar to austerity-hit Europeans. The government, for instance, could first freeze the expansion of two mosques in Mecca or tax wealthy landowners, Jamal Khashoggi, a former media adviser to Saudi Prince Turki al-Faisal, said by phone from Riyadh.“There’s a long list of things that Saudi officials can do before touching the livelihood of ordinary Saudis,” said Khashoggi. “Yes, it’s a difficult time and maybe it could have been much better if we did what we’re doing today a couple of years ago when the price of oil was in the $100s.”During those good times, King Abdullah, who ruled from 2005 until his death in January, increased social spending as the Arab Spring uprisings toppled leaders elsewhere.It’s also not like Saudi Arabia has no control over its destiny. Oil rebounded after 1998 – the price of crude advanced in 11 of the 16 calendar years since then – not least because the Saudis used their clout as the de facto leader of the Organization of Petroleum Exporting Countries, or OPEC.What Crisis?-The country has declined to cut production and lift prices over the past year to gain market share from the shale industry in the U.S. and other producers with higher expenses, even if that’s come at a cost to its finances. Saudi Arabia still has $664 billion of net foreign assets, equal to almost 90 percent of the economy, and little debt.“I wouldn’t say there’s any kind of crisis or even a crisis on the near horizon,” said David Butter, associate fellow at Chatham House in London. “They’re in the oil business. They’ve had it pretty good for quite a long time and that’s not typical.”Even so, the IMF recommends that Saudi Arabia control its growing wage bill, make changes to government subsidies for fuel and electricity and bring in more non-oil revenue through taxes. The country’s breakeven oil price – the point at which it can balance its budget – is about $100, said Soussa at Citigroup.Fuel subsidies alone will cost Saudi Arabia as much as 195 billion riyals ($52 billion) this year, or 8 percent of GDP, Riyadh-based Samba Financial Group said in an Aug. 18 report. Central bank Governor Fahad al-Mubarak already has called for a review of price subsidies.A new economic council headed by Deputy Crown Prince Mohammed bin Salman could help make the changes if it can move quickly, said Alsweilem, the former investment chief who is now a fellow at Harvard University’s Belfer Center.While less per capita than in smaller energy-rich Gulf states Qatar and the United Arab Emirates, the relative wealth of Saudi Arabia means the government might need to tread carefully. Any adjustment will be “jarring,” said Soussa.“These are things that are absolutely politically explosive,” he said. “You’ve gotten accustomed to a certain lifestyle and that lifestyle is far in excess in terms of luxury that was prevailing in 1998.”
U.S. Stocks Head for Worst Week of 2015 Amid Global Selloff-Joseph Ciolli-Updated on August 21, 2015 — 11:57 AM EDT-bloomberg
A global stock selloff sparked by world growth concerns showed no signs of relenting, sending U.S. stocks toward the worst week since 2011.The Standard & Poor’s 500 Index fell again after its steepest one-day decline since February 2014. The benchmark gauge is down more than 6 percent from its last record in May, after dropping below a trading range that has supported it for most of the year.The S&P 500 lost 1.8 percent to 1,999.6 at 11:50 a.m. in New York and is down 4.4 percent this week, dipping below the 2,000 level for the first time since February. The Nasdaq 100 Index slumped 2.3 percent to extend its biggest two-day drop since 2011. The Russell 2000 Index of smaller companies sank 1.3 percent, extending its drop from a June record to more than 10 percent. The VIX, the benchmark gauge of U.S. equity options, was poised for its biggest weekly gain on record amid demand for contracts to protect against further losses.“Yesterday was a decimation in the market,” said Michael James, managing director of equity trading at Wedbush Securities Inc. in Los Angeles. “You typically tend to have a follow-through after big days. Given we broke below just about all key short-term technical levels, it isn’t surprising to see us down again today.”U.S. equities followed overseas markets lower, as the Stoxx Europe 600 Index tumbling 2.4 percent and the MSCI All-Country World Index slid 1.6 percent.More than $500 billion was erased Thursday as investors targeted the year’s biggest winners such as Netflix. The S&P 500 is down 4 percent for the week, poised for its worst showing since 2012. Groups from biotechs to energy companies are in a correction, down more than 10 percent from their highs, while chip stocks have tumbled 20 percent from a peak, meeting the definition of a bear market.China Manufacturing-Equities continued to slide today after China released its weakest manufacturing data since the global financial crisis, which accelerated losses in riskier assets. Worries about the world economy had already been intensifying after China devalued its currency last week, compounded by uncertainty about what Federal Reserve inflation concerns portend for interest rates.“This market won’t have legs until we have further clarity on the Chinese currency and U.S. rates -- right now we have neither,” said Michael Ingram, a market strategist at BGC Partners in London. “Even then, the dependent question mark over growth will linger. Investors are scared and confused, and if you are an emerging market equity investor, probably close to suicidal.”Trading Range-Before this week, U.S. equities had held their ground throughout 2015, weathering turmoil from Greece and headwinds including a strong dollar that threatened multinationals’ earnings and a more than 60 percent drop in oil prices.The S&P 500 stuck within a range roughly tracking its 50-, 100- and 200-day moving averages, boosted by signs the economy is recovering and support from central banks. The benchmark index hadn’t had a decline of more than 5 percent all year, and hasn’t dropped more than 10 percent since 2011.Amid the selloff, the S&P 500 is still trading at 17.9 times earnings. That’s down from 18.9 times a month ago, which was near a five-year high, but still exceeds the five-year historical average of 16.1 times profit.Data in the U.S. today showed an August factory employment gauge dropped to a one-year low. Investors are watching economic data for clues on when the Fed will raise interest rates.Slower global growth may cause the Fed to delay its first rate increase since 2006. Minutes of the central bank’s latest meeting, released earlier this week, showed officials are concerned about stubbornly low inflation even as the job market improves. Traders are now pricing in a 34 percent probability of a rate move at the September meeting, down from 50 percent before the release of the minutes.VIX Surges-The Chicago Board Options Exchange Volatility Index surged 28 percent to 24.49. The measure has rallied 80 percent this week, which would mark its biggest five-day gain since June 2012.The Chicago Board Options Exchange Volatility Index surged 20 percent to 23.02. The measure has rallied 90 percent this week, the biggest gain since it was created in 1990.Investors are selling the biggest winners of 2015. Companies that have come to be known as the Fab Five -- Netflix Inc., Facebook Inc., Amazon.com Inc., Google Inc. and Apple Inc.-- have seen $97 billion in market value erased over two days. Losses have pushed the Nasdaq 100 Index down 5 percent, the biggest decline for that period in almost four years-Broad Retreat-All 10 major groups in the S&P 500 retreated. Technology companies dropped 2.1 percent, while energy and consumer discretionary shares slid more than 2 percent.Intuit Inc. was the biggest decliner in the benchmark gauge, plunging as much as 17 percent, the most since March 2003. The company, which makes Quicken home-accounting software, fell after providing annual forecasts for sales and earnings that trailed analysts’ estimates.Facebook Inc. and Apple Inc. were also among the biggest drags in the technology sector, losing more than 3.4 percent. Skyworks Solutions Inc. slid 2.7 percent as the Philadelphia Semiconductor Index fell into a bear market, having plummeted 21 percent from a 15-year high reached in June.Ross Stores Inc. decreased 7.8 percent after reporting quarterly earnings after providing earnings guidance that fell short of analyst expectations. The company’s stock has slipped 9.6 percent over the past three trading sessions.Valero Energy Corp. and Marathon Petroleum Corp. were the biggest losers in the S&P 500’s energy sector, in which 36 out of 40 stocks fell. Tesoro Corp. and Halliburton Co. declined more than 5 percent.
