Why the stock market took a pounding Thursday

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The stock market took another pounding Thursday, with the widely watched Dow Jones Industrial Average shedding 419.63 points to close at 10,990.58.

What’s bothering traders now?

The stock market seemed to get hit Thursday by a combination of jitters over the possibility of a banking crisis in Europe and a series of US economic reports that weren’t very good. The result: a bad taste in many investors’ mouths.

“I work with a lot of retired folks, and when they see this kind of volatility, they get scared,” says Chris Hobart, CEO of Hobart Financial Group in Charlotte, N.C. “The average Joe in the street is shellshocked.”

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