Surge in Jobless Claims and global economic worries sends Stocks in free-fall

Discussion in 'Stock Market' started by oreo, May 21, 2010.

  1. oreo
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    oreo Gold Member Supporting Member

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    Wall Street drowned in another sea of worries and U.S. markets suffered their steepest losses in more than a year on Thursday, a reflection of how concerns about Europe’s debt crisis have snowballed into fears about the sustainability of the global economic recovery.

    Today’s Markets

    The Dow Jones Industrial Average fell 376.36 points, or 3.60%, to 10068.01 the Standard & Poor's 500 lost 43.46 points, or 3.90%, to 1071.59 and the Nasdaq Composite dropped 94.36 points, or 4.11%, to 2204.01. The FOX 50 slid 30.71 points, or 3.75%, to 789.03.

    New signs of trouble for the U.S. recovery, including an alarming surge in jobless claims, combined with persistent worries about Europe's debt crisis to deliver another blow to Wall Street. The markets were also spooked by the S&P 500 breaching a key technical level and regulatory uncertainty in both Washington and Europe. The results were staggering as the Dow officially closed in "correction" mode and all three indexes ended in the red for the year.

    “Let’s be frank, the headwinds from every conceivable corner of the globe seem to be driving fear into even the most opportunistic of long side investors,” Peter Kenny, managing director at Knight Capital Markets, wrote in a note.

    Economic Fears Grip Wall Street; Dow Dives 376 - FOXBusiness.com

    OK--Rightwinger--why don't you step in here and tell us how GOOD this news is

    Today's date is 5/20/2010


    Again--PROOF that massive government spending DOES NOT CREATE long term private sector job growth. Obama's flood the basement economics has only created MASSIVE debt.

    Each household in America now owes the Federal Government 100K which is expected to rise to 170K by 2020.

    $lipstuck-pig-sb0206d.jpg
     
    Last edited: May 21, 2010
  2. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Ask any Democrat ...No problem... It's working.. Hell, best ever...
     
  3. oreo
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    oreo Gold Member Supporting Member

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    I am still waiting for Right Winger and other liberals on this board explanation of this--because they have REPEATEDLY hailed the stock market rise as a precourser to all these suppoused new jobs coming into the market.

    Where could all these little economic Einsteins be now?
     
    Last edited: May 21, 2010
  4. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    This could be interesting.. just how long can you hold your breath..?
     
  5. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    How do you expect the market to respond tomorrow since the Senate passed this new wall street regulation bill?
     
  6. VaYank5150
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    VaYank5150 Gold Member

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    As long as European markets continue to sink, our markets will follow suit. This is not rocket science, people.
     
  7. theHawk
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    theHawk Registered Conservative

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    Don't worry people, Obama is in charge. Everything is going according to "the plan".
     

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