The market opened the holiday-shortened week down sharply following a sell-off in the European markets the previous day. Still, stocks recovered some of that loss later in the day in response to a positive US nonmanufacturing activity report. On Wednesday stocks rebounded strongly following a German legal ruling that bailouts of struggling EU members is legal. The Italian senate also approved an austerity plan. However, on Thursday the markets gave back another 1% after the European Central Bank did not give a particularly glowing growth forecast for the near future. The slide escalated on Friday with the Dow losing over 300 points on a bevy of troubling news. Investors were not happy with the resignation of a key European Central Bank board member or with Preisdent Obama’s proposed job plan. [table id=27 /]