“Stocks added to their losses as the European Banking Authority said that the region’s banks will need to raise $114.7 billion Euros in fresh capital to weather the sovereign debt crisis. These declines came despite a very good weekly jobless claims report, which declined by a much larger than expected 23,000 to 381,000, the lowest since February, pointing out once again that our market is being held hostage by what goes on in Europe.”  

Click here to read the 12-8-11 Daily market notes from Donald Selkin