Real Estate Business Stock End On Down Note

According to preliminary calculations, the Dow Jones industrial average was off 275.34, or 2.25 percent, to 11,995.77. The S&P 500 ended down 31.80, or 2.47 percent, to 1,253.29. The Nasdaq dropped, 52.74, or 1.93 percent to 2,684.41.

Shares tumbled immediately after the opening bell and stayed lower throughout the session.

MF Global’s filing listed JPMorgan Chase & Co. the brokerage's largest creditor. JPMorgan, widely considered the strongest of the big banks, dropped 4.7 percent.

Other banks sank. Bank of America lost 6.5 percent. Citigroup dropped 7 percent, and Morgan Stanley 8 percent.

Despite being known as the stock market's jinx month, this October turned out to be one of the best months on record. The main reason is progress in Europe toward containing that region's debt crisis.

The Standard & Poor's 500 index has gained 12 percent for the month, which puts the broadest stock-market measure on track for its best month since January 1987. Even after a decline Monday, the Dow is still up 10.6 percent in October, its best month since August 1982.

October has earned a reputation as a famously bad month for stocks. The October 1929 crash divided the roaring 1920s from the Great Depression of the 1930s. It's the month that has given the market two black eyes: Black Tuesday in 1929 and Black Monday in 1987.

This October started off on a sour note when the Dow and S&P 500 hit their lowest point for the year Oct. 3, but the market has soared since then. The Dow is up 13.3 percent since then, the S&P 15.2 percent.

The Organization for Economic Cooperation and Development warned Monday that European economies will see a "marked slowdown" next year. The organization called on the European Union to provide more information on how it plans to stem the debt crisis.

"Doubt seems to be creeping back into the market," said Jim Dunigan, managing executive of investments at PNC Wealth Management told the Wall Street Journal. "You're not going to solve Europe's problems by waving the magic wand and expecting it to be over."

Major stock indexes dropped in Europe. Germany's DAX fell 3.2 percent. France's CAC-40 dropped 3.2 percent. Both still closed the month with strong gains. The German index rose 11.6 percent, the French one 8.7 percent.

October has earned a reputation as a famously bad month for stocks. The October 1929 crash divided the roaring 1920s from the Great Depression of the 1930s. It's the month that has given the market two black eyes: Black Tuesday in 1929 and Black Monday in 1987.This October started off on a sour note when the Dow and S&P 500 hit their lowest point for the year Oct. 3, but the market has soared since then. The Dow is up 13.3 percent since then, the S&P 15.2 percent.

Investors were relieved when European leaders made progress in tackling the region's debt crisis in recent weeks. Worries that the U.S. might slip into a recession have faded, and many big U.S. companies like McDonald's Corp. have reported stronger profits for the third quarter. More than three-quarters of U.S. companies in the S&P 500 that have reported results so far had earnings that beat analysts' expectations, according to the financial data provider FactSet.
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