Rough day for economic news

Considering the positive movement in the market on OK news, the downside today could have been much worse, though there has been a good amount of selling today. The ADP jobs report shows that unemployment remains stubbornly high and that will be the key number to watch as we move out of the worst of the recession. On top of that factory orders were down and the dollar and oil have recovered a little but they’re still in bad territory. And then there was Bernanke talking about the need to start addressing deficits. It’s true but it’s tough to tackle that problem when there are so many other fires to put out. Maybe some good news is out there waiting to stop the bleeding tomorrow.

Worse-than-expected data on factory orders and the services industry triggered a sell-off in stocks Wednesday following four days of gains.

Many analysts said a pullback was due after such a strong rise this week, which sent the Standard & Poor’s 500 index and Nasdaq composite to their highest levels this year.

Market indicators fell at least 1.4 percent, including the Dow Jones industrial average, which lost more than 120 points.

Stocks have surged more than 30 percent since early March on encouraging signs in banking, the housing market and consumer confidence, but many analysts say investors need to see more convincing signs of growth before sending stocks back up again.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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