| | Stocks tumble as euro drops, jobless claims rise | |
| | Author | Message |
---|
KK
Location : New York Super Powers : poastwhore Number of posts : 8316 pennies : 7853 Rep : 354
| Subject: Stocks tumble as euro drops, jobless claims rise Thu May 20, 2010 11:58 am | |
| just when is this stimulus package supposed to kick in?
Stocks tumble as euro drops, jobless claims rise By STEPHEN BERNARD and TIM PARADIS, AP Business Writers Stephen Bernard And Tim Paradis, Ap Business Writers – 12 mins ago NEW YORK – Stocks are tumbling after another drop in the euro and disappointing U.S. employment news have added to investors' already bleak view of the world economy.
The Dow Jones industrials are down more than 200 points Thursday. Interest rates are sliding in the Treasury market as investors once again seek safety in U.S. government debt.
The latest drop means the benchmark Standard & Poor's 500 index is down more than 10 percent from its 2010 trading high last month. That marks the market's first "correction," or a drop of 10 percent or more, since major indexes tumbled to 12-year lows in March last year.
At midday, the Dow is down 215 at 10,231. The S&P 500 index is down 26 at 1,090. The Nasdaq composite index is down 62 at 2,237.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) — The stock market tumbled again Thursday after investors' already bleak view of the world economy worsened with another drop in the euro and disappointing U.S. employment news. Interest rates fell sharply in the Treasury market as investors once again sought the safety of U.S. government debt.
The Dow Jones industrial average fell more than 250 points in morning trading.
With Thursday's drop, the Standard & Poor's 500 is down more than 10 percent from its 2010 trading high last month. Such a drop is considered by many analysts to be a "correction" in the market. Many analysts pay more attention to drops from closing highs, however, not trading highs. If the S&P 500 index closed at its present level it would be the first correction since stock indexes hit 12-year lows in March last year.
The euro is falling again and continues to hover near a four-year low. It has become a key indicator for confidence in Europe's economy. The euro fell to $1.2318, a day after hitting $1.2146.
"There's a question out there now that potentially we could be talking about a collapse of the eurozone or countries breaking away from the euro," said Tim Quinlan, an economist at Wells Fargo & Co. As recently as four months ago, that wasn't even considered a possibility, Quinlan said.
Such a stark change in views has unnerved investors. The euro, which reflects investors' confidence in European economies, is now largely driving stock trading. Major European indexes gave up their morning gains and turned sharply lower after the euro retreated.
Meanwhile, the Labor Department's latest employment report added to investors' worries about the global economy. They have been selling heavily the past few weeks amid growing concerns that Europe's debt problems will halt the recovery in the region and hurt the rebound in the U.S.
The department said new claims for unemployment benefits rose by 25,000 to 471,000, their largest amount in three months. That came as an unpleasant surprise to investors who were expecting a slight drop to 440,000. High unemployment remains one of the biggest obstacles to a sustained recovery in the U.S. The latest report snapped a streak of four straight weekly declines and again calls into question the strength of the job market.
Weekly claims have been stuck around 450,000 since January, unable to break closer to the 425,000 range that is considered a sign that employers are regularly hiring new workers.
A private research group reported an unexpected drop in its index of leading economic indicators. The Conference Board's indicator of future economic activity slipped in April for first drop since the stock market's bottom last year in March. Economists polled by Thomson Reuters had expected a gain. The slip signals that growth could slow this summer.
In late morning trading, the Dow fell 251.13, or 2.4 percent, to 10,193.24. The S&P 500 fell 29.83, or 2.7 percent, to 1,085.22. The Nasdaq composite index fell 69.52, or 3 percent, to 2,228.85.
As investors pulled out of stocks and other risky investments like commodities, they moved into safer investments such as U.S. Treasurys.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.24 percent from 3.37 percent late Wednesday.
The demand for safety rose after Greek workers again took to the streets protesting recently approved budget cuts that were necessary for the country to receive a bailout. Greece was able to repay debt that came due Wednesday only because it had access to a rescue package from the European Union and International Monetary Fund.
The Dow has fallen for nine of the past 12 days. The Dow dropped 115 points on Tuesday and 67 points on Wednesday.
Commodities prices tumbled after investors pulled back on risky investments.
Crude oil fell $2.73 to $67.14 per barrel on the New York Mercantile Exchange.
Energy companies posted some of the steepest drops. Exxon Mobil Corp. fell $1.26, or 2 percent, to $61.19, Chevron Corp. fell $1.97, or 2.6 percent, to $74.63.
Industrial stocks also slumped amid concerns that a weak global economy will curb demand for all kinds of goods. Aluminum producer Alcoa Inc. fell 57 cents, or 4.8 percent, to $11.21, while heavy equipment maker Caterpillar Inc. slid $2.74, or 4.5 percent, to $58.70.
At the New York Stock Exchange, only about 100 stocks rose compared to 2,930 that fell. Volume came to 509 million shares, compared with 454 million traded at the same point Wednesday.
The Russell 2000 index of smaller companies fell 23.66, or 3.5 percent, to 650.74.
In afternoon trading, Britain's FTSE 100 fell 2.6, Germany's DAX index dropped 2.8 percent, and France's CAC-40 plummeted 3.9 percent. | |
| | | Joebert
Age : 63 Location : @ Computer Hobbies : Sleep/Photography Humor : Seinfeld (show) has it all! Super Powers : Faster than a speeding bulet...is that bad? Number of posts : 3905 pennies : 3262 Rep : 97
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Fri May 21, 2010 4:11 am | |
| I thought things were getting better. | |
| | | KK
Location : New York Super Powers : poastwhore Number of posts : 8316 pennies : 7853 Rep : 354
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Fri May 21, 2010 1:08 pm | |
| - Joebert wrote:
- I thought things were getting better.
just proves you can spin anything | |
| | | Madison
Location : @ work 2 much Hobbies : reconciling c/thru Humor : sexist Super Powers : faux feminism reparations Number of posts : 621 pennies : 299 Rep : 20
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Sat May 22, 2010 12:32 pm | |
| I think all these other countries are faking it .... LOL...they're afraid we're gonna ask to borrow some cash | |
| | | KK
Location : New York Super Powers : poastwhore Number of posts : 8316 pennies : 7853 Rep : 354
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Sun May 23, 2010 3:54 pm | |
| - Madison wrote:
- I think all these other countries are faking it .... LOL...they're afraid we're gonna ask to borrow some cash
we'll need it to pay for healthcare | |
| | | Joebert
Age : 63 Location : @ Computer Hobbies : Sleep/Photography Humor : Seinfeld (show) has it all! Super Powers : Faster than a speeding bulet...is that bad? Number of posts : 3905 pennies : 3262 Rep : 97
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Mon May 24, 2010 1:56 am | |
| - KK wrote:
- Madison wrote:
- I think all these other countries are faking it .... LOL...they're afraid we're gonna ask to borrow some cash
we'll need it to pay for healthcare And SS for ll the illegals...not counting Obama's dad's half sister. She gets a free pass and gets to sleep in the Lincoln bedroom. The one us tax payers own. | |
| | | KK
Location : New York Super Powers : poastwhore Number of posts : 8316 pennies : 7853 Rep : 354
| Subject: Re: Stocks tumble as euro drops, jobless claims rise Mon May 24, 2010 9:18 pm | |
| - Joebert wrote:
- KK wrote:
- Madison wrote:
- I think all these other countries are faking it .... LOL...they're afraid we're gonna ask to borrow some cash
we'll need it to pay for healthcare And SS for ll the illegals...not counting Obama's dad's half sister. She gets a free pass and gets to sleep in the Lincoln bedroom. The one us tax payers own. idk, i say if you are illegal, you get nothing. you're illegal so are your kids born here | |
| | | Sponsored content
| Subject: Re: Stocks tumble as euro drops, jobless claims rise | |
| |
| | | | Stocks tumble as euro drops, jobless claims rise | |
|
Similar topics | |
|
| Permissions in this forum: | You cannot reply to topics in this forum
| |
| |
| Latest topics | » the last person the person here wins by Admin Sun Jun 26, 2011 10:38 pm
» Interesting stuff by KK Sat Jun 25, 2011 8:54 pm
» Random Stuff... by Jats Sat Jun 25, 2011 5:58 pm
» anyone still here ? by KK Fri Jun 10, 2011 6:01 pm
» Happy Birthday C/Thru!! by Lady Snipe Dragon Fri Jun 03, 2011 12:51 pm
» vintage movie gifs by Jats Thu May 26, 2011 8:46 pm
» Oprah Memorial service by Joebert Wed May 25, 2011 5:54 pm
» Bristol Palin earns $262K for teen pregnancy work by Joebert Wed May 25, 2011 1:31 am
» whatever you feel like by Joebert Tue May 24, 2011 10:21 pm
» Trumped by Joebert Tue May 24, 2011 10:08 pm
» pick a royal wedding hat by Joebert Tue May 24, 2011 10:01 pm
» so which one of you wants to throw down? by KK Thu May 19, 2011 7:37 pm
» the photo of the year's wiki page by alivegenieII Wed May 18, 2011 6:13 pm
» Congratulations on popping C9's flaming & smite war cherry by Lady Snipe Dragon Tue May 17, 2011 11:29 pm
» President 0bama’s approval rating hits a new low by KK Sun May 15, 2011 5:32 pm
» New Books on Ward by alivejeanie Sat May 14, 2011 3:25 pm
» New Holidays ? by Lady Snipe Dragon Mon May 09, 2011 8:50 pm
» Fleamailman, care to explain this ? by c/thru Sun May 08, 2011 10:25 pm
» Happy Mothers Day.. by c/thru Sun May 08, 2011 8:12 pm
» SuperBowl countdown by Guest Sat May 07, 2011 10:14 pm
» International Womens Day 2011 by Guest Sat May 07, 2011 10:06 pm
» wuzz up suckas by KK Sat May 07, 2011 9:40 pm
» INTELLIGENCE REFORM AND TERRORISM PREVENTION ACT of 2004 by KK Sat May 07, 2011 8:39 pm
» Victron Energy and their Portfolios by KK Tue May 03, 2011 7:47 pm
» I voted today by KK Tue May 03, 2011 7:45 pm
» Flax Milk & your omegas by KK Tue May 03, 2011 7:43 pm
» Happy Easter 2011 by Lady Snipe Dragon Thu Apr 28, 2011 1:37 am
» Spanish scientists search for fuel of the future by KK Fri Apr 22, 2011 7:31 pm
» Amen !!! VIP LINKS by KK Fri Apr 22, 2011 7:28 pm
» Youtube changed their type of linking codes.. by c/thru Fri Apr 15, 2011 10:07 pm
» YOU balance the Federal Budget by c/thru Fri Apr 15, 2011 10:05 pm
» Interesting Images.. by c/thru Fri Apr 15, 2011 10:00 pm
» Avacs by KK Tue Apr 12, 2011 10:13 am
» Oil near $112 as attacks damage Libyan oil fields by KK Mon Apr 11, 2011 10:52 am
» Stamp gaffe tears Kate and William apart It may come as a shock, but Kate Middleton and Prince William have 'split' less than one month before they are due to tie the knot. by KK Tue Apr 05, 2011 9:45 pm
|
|