U.S. markets continue slide
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Wall Street stocks were sharply down on Tuesday as investors reacted to a series of weak reports on the U.S. and world economy. Unemployment and a possible lawsuit against U.S. banks have provoked an international sell off.
Highlights
Catholic Online (https://www.catholic.org)
9/6/2011 (1 decade ago)
Published in Business & Economics
Keywords: Stock market, gold, unemployment, Obama, jobs speech, Wall Street
NEW YORK, NY (Catholic Online) - U.S. unemployment figures sent a ripple through the economy on Friday, a ripple that returned to U.S. markets as soon as they opened from the holiday weekend. The most recent employment report revealed that no jobs were created in August, shaking volatile markets. The lack of jobs is a significant sign that despite all hopes, the economy may be weakening.
As uncertainty remains about the economy, and the federal government continues to hold back any discussion of stimulus, businesses do not foresee any near-term increases in demand and have slowed their hiring trend of previous months, or even reversed the hiring altogether.
Current Figures
via
NEWS CONSORTIUM
DOW: -220.69 (1.96%)
NASDAQ: -44.27 (-1.78%)
S&P: -24.34 (-2.07%)
Gold: $1,868.68 (-5.02%)
10 Year Notes, yield: 1.96 (-0.057%)
Other news has sent skittish investors seeking financial cover. The U.S. banking industry is facing a lawsuit brought by the federal government over their mortgage and securities practices. Particularly affected were Citigroup and Bank of America. The timing is particularly bad for Bank of America which recently enjoyed gains as billionaire investor Warren Buffett invested part of his fortune into the company. Those share price gains are gone at this time.
The continued sovereign debt crisis in Europe is also keeping markets down.
The bad economic news comes between an especially volatile month that appeared to end with a modest rally, and a critical speech from President Obama on a new jobs initiative set for Wednesday. The speech could revive the markets, particularly if President Obama announces what will amount to a stimulus package designed specifically to create jobs. However, with the two parties unable to even agree on when the speech should take place, optimism is understandably low.
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