8 Responses to Dow takes 200 point tumble at opening bell on weak job outlook

  1. c/o Luisport

    BreakingNews Breaking News
    U.S. economy created no net jobs in August; jobless rate stays at 9.1 percent. Dow futures down 140 points http://on.wsj.com/nLNiMx
    há 30 minutos

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  2. Kelly says:

    Isn’t Greece headed for more trouble too?

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  3. luisport says:

    UPDATE: European markets are now closed.

    Here are your numbers:

    DAX: -3.33%

    FTSE MIB: -3.89%

    Athens: -3.98%

    As if collateral problems were not enough to freak out investors, now there’s more bad news to destroy any semblance of confidence building in European markets this week.

    The DAX is down 3.24%, the FTSE 100 is down 2.28%, Italian FTSE MIB is down 3.29%, and Athens is down 3.49%. Bond spreads are sharply increasing between Germany and the periphery, and Greek yields are going nuts.

    Bad employment numbers and new impediments to the Greek bailout package (it’s not just collateral anymore, folks) top the list of bad headlines today.

    Let’s summarize:

    – Greece has paused negotiations with the EU/ECB/IMF to do technical investigations on its data. Finance Minister Evangelos Venizelos says this break is “scheduled,” but if follows closely a report that Greece will not meet its deficit-cutting and privatization goals.

    – The EU is no closer to any solution on the collateral agreement Finland wants to participate in the Greek bailout. This could jeopardize the success of the bailout in two different ways. Dutch, German, and Finnish finance ministers will meet Tuesday to discuss.

    – Unemployment in Spain is still on the rise, with 51,185 more people out of work in August, according to Spanish newspaper ABC.

    – German daily Bild (via Der Spiegel) reports that German Finance Minister Wolfgang Schäuble wants to propose a new EU treaty that would strengthen the monetary-policy powers of the EU to combat the sovereign debt crisis. German MPs have become increasingly isolationist of late — not to mention critical of PM Angela Merkel late — meaning Merkel’s coalition is teetering on the brink. This also suggests that even highly powerful policymakers are freaking out about the euro crisis.

    – Prime Minister Silvio Berlusconi just can’t get a break. He was recorded as saying, “In a few months I’m going to go away and mind my own f****** business. I’m leaving this s*** country that makes me feel like puking.” Anyone who believed him before will have to seriously reevaluate that trust.

    Read more: http://www.businessinsider.com/europe-dives-on-bad-news-from-all-sides-2011-9#ixzz1WoxHqXzf

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  4. I just looked at the market, and at 3:30 New York City time (EST), the Dow has dropped more than 200 points and at one time had dropped down 282. This is not looking good at all.

    Be blessed and Maranatha

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  5. luisport says:

    The good news: Here comes a long weekend. The bad news: Here comes a long weekend of freaking out.

    But first, the scoreboard

    Dow: -249.71
    NASDAQ: -64.32
    S&P 500: -30.09

    And now, the top stories:

    After a strong rally through the first 3 days of the week, things fizzled badly yesterday, and today markets around the world collapsed. There are basically two stories: The bad U.S. jobs data and the unfolding crisis in Europe.
    First on the jobs report: Nobody was expecting anything too good, but even still it was worse. There were 0 net net jobs created in August. Granted the number was noisy. The loss of 45K jobs from striking Verizon workers lopped off a bunch. And these numbers are subject to a lot of revisions. But whatever. It was a horrendous number. Futures, which were already lower in the early going got clobbered instantly on the news at 8:30. Click here for more details from the report >
    The bad news—which was exacerbated by the ugly falling wage data—got more people (like Goldman) predicting imminent QE3, but no “risk on” trade ever emerged. It was all bad all day.
    The other big story is Europe: Things are coming to a head there. The Greece bailout deal and the expansion of the EFSF need to be approved soon, and there’s no guarantee it’s going to happen. Here’s what you need to watch over the long weekend >
    Meanwhile, banks! It’s been an endless parade of bad news and now it’s even worse, as they’re getting sued by the FHFA for mortgage fraud. All your usual suspects were killed, including Bank of America, and JPMorgan.
    Not surprisingly, all of your favorite “risk off” assets surged. Gold had a monster day, and the yield on the 10-year Treasury plunged below 2%.

    Read more: http://www.businessinsider.com/closing-bell-september-2-2011-9#ixzz1WpQ1K2Cu

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  6. luisport says:

    BreakingNews Breaking News
    US sues several major banks over mortgage losses – @Reuters http://bit.ly/oSRAlS
    há 3 minutos

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  7. Warren says:

    With zero jobs, recession risk just got worse

    NEW YORK (CNNMoney) — As if Friday’s report that showed job creation at a dead stall wasn’t bad enough, economists say the worst could be yet to come.

    That’s because high unemployment could be a warning sign — and the cause — of the country falling into a double dip recession.

    Most economists weren’t ready to call a new recession yet. But many were raising the odds of one.

    They’re worried because weakness in the labor market can lead businesses and households to pullback on spending. And that is the worst thing possible for an economy where overall growth has slowed to nearly zero.

    “When employment drops, incomes fall. When income falls, sales fall. When sales fall, production falls. When production falls, employment falls,” said Lakshman Achuthan, managing director of Economic Cycle Research Institute.

    It’s a tough cycle to break.

    Read more at: http://money.cnn.com/2011/09/02/news/economy/jobs_double_dip_recession/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29&hpt=us_bn8

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  8. John says:

    It will only get worse.interesting article from the economic collapse about goldman sucks. http://theeconomiccollapseblog.com/archives/even-goldman-sachs-secretly-believes-that-an-economic-collapse-is-coming

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