Wednesday, July 27 2011 4:20 PM – Ugly Day on Wall St.

Stocks finished right near the day’s lows after a big drop first thing from European sellers (4th day in a row), the routine recovery and then another sharp leg down.

Scorecard: S&P 500 -2%, DJIA -1.5%, Nasdaq -2.7%, Small stocks -2.9%. Bonds were lower, rates higher. Commodities were down slightly, including gold. The dollar was up sharply, bouncing off a technical support level.

As I wrote earlier today, expect down days until a deal on the debt ceiling.

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