U.S. Stocks Fall as Economy Loses Jobs; S&P 500 Rises This Week

bloomberg.com ^ | Sept. 5 2003

[Walkin Man]

U.S. stocks fell after a government report showed the U.S. economy lost jobs last month and Banc of America Securities LLC cut its rating on Wal-Mart Stores Inc., the world's biggest retailer.

The Standard & Poor's 500 Index has climbed for six months in a row, while the number of Americans on payrolls has fallen for seven consecutive months. The dearth of new jobs has raised concerns that consumer spending, which accounts for 70 percent of the U.S. economy, won't pick up as fast as some investors expect.

[Walkin Man]

...while the number of Americans on payrolls has fallen for seven consecutive months.

The job LOSS recovery continues...

[LibertyAndJusticeForAll]

"...biggest decline in five months, the Labor Department said. Economists polled by Bloomberg News had predicted that payrolls would swell by 20,000.
The jobless rate fell by 0.1 percentage point to 6.1 percent as more discouraged workers dropped out of the labor force last month."

Oh my, so few trying so hard to fool so many.

[AntiGuv]

There is no such thing as a "jobless" recovery. The fourth quarter will be brutal for the markets...

[Mo1]

``If the rally's going to be sustainable, at some point employment has to get better,'' said Walter Casey, who helps manage $149 billion at Banc One Investment Advisors. ``It's a problem for confidence.''

(Snip)

The Dow Jones Industrial Average lost 84.56, or 0.9 percent, to 9503.34, for its biggest slide in a month

Ummmm ... does anyone know what the DOW was about this time last year???

[Rightone]

Man, what a CROCK! Read between the lines and it is all GOOD news, but you'd never know that by quickly reading the headline and the article... Looking more closely at the article, we have:

The S&P 500 shed 6.58, or 0.6 percent, to 1021.39, with all 10 of its industry groups declining. It was the benchmark's first drop in 9 days. The Dow Jones Industrial Average lost 84.56, or 0.9 percent, to 9503.34, for its biggest slide in a month. The Nasdaq Composite Index decreased 10.73, or 0.6 percent, to 1858.24. For the week, the S&P 500 climbed 1.3 percent, the Dow added 0.9 percent and the Nasdaq jumped 2.6 percent. The S&P 500 and Nasdaq have had four consecutive weekly gains, while the Dow has had five.

[Texas_Dawg]

The fourth quarter will be brutal for the markets...

Keep hoping.

[Texas_Dawg]

The job LOSS recovery continues...

Yeah... unemployment in a cyclical economic correction has never ever been this bad before...

We're all doomed.

[MJY1288]

What the real story is why is the trend ignored in this article. My God! the author would have you believe that Wall Street is is in decline, but the fact is that the DJIA has riseen for the 5th straight month and most economic indicators point towards prolonged growth in the economy.

I'm sure when the DJIA is at 11,000 and the unemployment rate is at 3.2% these same people will still be echoeing the DNC talking points

[Choose Ye This Day]

Great chart, Dawg. I like the cut of your jib. (Whatever the heck that means.)

:o)

[Mo1]

My God! the author would have you believe that Wall Street is is in decline, but the fact is that the DJIA has riseen for the 5th straight month and most economic indicators point towards prolonged growth in the economy.

I know that is why I ask about the Dow number .. if I recall it was at around 7300 last year and now it's at around 9500

So this lack of confidence is a load of BS

[Choose Ye This Day]

Where can I get me one of them crystal ball thingies? That'd be cooool!

[Central Scrutiniser]

All my stocks were way up this week and this month.

Economy is coming back, the individual investor is not back yet, but it will happen soon, and the jobs will come back.

[Choose Ye This Day]

The 52-week low was around 7100, that was in mid-October 2002. So it has come up considerably since then.

Last September I think it was around 8300(?) then dropped sharply in October.

[Texas_Dawg]

What the real story is why is the trend ignored in this article. My God! the author would have you believe that Wall Street is is in decline, but the fact is that the DJIA has riseen for the 5th straight month and most economic indicators point towards prolonged growth in the economy.

This will be a classic supply-side recovery. The stock market is doing great, corporate profits were up 51% in the 2nd Quarter from the previous year, and companies and individuals will begin reinvesting the money saved from tax cuts and gained in the capital markets, in creating new jobs. Bush and the GOP will roll in 2004. As I've said frequently on FR, I will bet anyone who disagrees on that whatever they want to wager.

[Choose Ye This Day]

The fourth quarter will be brutal for the markets...

Man, I hope so. I have more buying to do, and I'd like to see some sale prices for a change!

[Texas_Dawg]

Great chart, Dawg.

Look at the similarities in the 1988-1992 pattern and that of 1999-2003. Anyone want to bet me we won't be sliding back down the backside of the pattern soon this time as well? Bush Sr. had bad timing (his was peaking in the election year). W has great timing (his will be well into the downturn by Nov. 2004, just as Reagan's was in 1984, when he won in a rout (despite a much higher unemployment rate than now).

[Mo1]

The 52-week low was around 7100, that was in mid-October 2002. So it has come up considerably since then.

OK .. so it was lower then I thought .. point still is that the economy is growing .. folks are spending .. Investors are gaining confidence .. the housing market is pretty stable and in some areas, like mine are going up (FINALLY) .. put all that and a few other ingredients together and businesses will start to expand and create new jobs.

[Walkin Man]

Who cares how good the stock market is when you are out of work?

Sure, lots of companies are doing well at the moment because they are moving all their manufacturing capacity to the welcoming arms of Red China and its slave workforce while keeping their price to the consumer at the same high rates as before.

Not to mention the stinking visa scam they play now with President Bush's help and approval and outsourcing thousands of white-collar jobs to India to boot!

The reason the market fell today was because even the free traitors realize that if employment does not come rushing back in a large way, quickly in the USA, we will fall back into the recession in a heartbeat.

And GW will be a one-termer like Dad.

[Texas_Dawg]

Man, I hope so. I have more buying to do, and I'd like to see some sale prices for a change!

Here's a tip: SATC. Satcon. An energy supply company I have a good knowledge on. Bought some at $0.74 last Friday. (Closed at $1.05 today.) Bought more this week (at $0.93 and $1.04)... this thing is going to be at $2 (like it was last November) very soon. I am going to sell when it hits $5 in a year. Remember you heard this... from an anonymous poster at FR.