Nervous investors are anxiously awaiting the opening bell on Wall Street today after stocks took a massive slide Monday.
It’s all happening overseas. Greece may default on a 1.8 billion dollar loan today. Puerto Rico can’t pay its debt, and it’s all affecting markets here and around the world.
Asian markets are mixed this morning. Taiwan and Japan are up.
The Dow slid 350 points Monday – its worst day in two years. Here’s why:
In Greece: ATMs out of cash. Withdrawals limited. Long lines. Banks closed for a week.
Massive demonstrations overnight.
One of every four citizens jobless. “I don’t care how much you pay me. At least I’ll have a job. That’s all I need,” said one protester.
That’s just part of why your 401k took a hit.
Puerto Rico’s got a 70 billion dollar debt its governor calls “unpayable.” Payments are due in days.
One in five American bond funds are invested there, totaling over $11 billon. “You might be exposed to Puerto Rican debt even though you don’t know it,” said CNBC’s Eamon Javers.
The White House says Washington is providing expert advice but: “There’s no one in the administration or in D.C. that’s contemplating a federal bailout of Puerto Rico,” said White House Press Secretary Josh Earnest.
So watch your retirement fund – today could be another rocky day.
But some analysts think this is good for the U.S. Our losses were a lot less than they saw in Europe and Asia.