Posted on 06/04/2010 11:14:09 AM PDT by NormsRevenge
NEW YORK (Reuters) – Stocks sank on Friday after a disappointing May jobs figure, while investors were spooked by the possibility of another debt crisis, this time in Hungary.
Data showed the U.S. economy added fewer-than-expected jobs last month, with a large portion of those being temporary hirings for the U.S. Census.
"There's no other way to describe it except flat out disappointing," said Mike O'Rourke, chief market strategist at BTIG LLC in New York. "Once you get beyond the Census numbers, it was abysmal."
The drop of more than 2 percent in stocks follows Wall Street's first back-to-back advances since late April. Worries that Europe's sovereign debt troubles could spread flared again after a Hungarian official said the country was at risk of a Greek-style crisis, driving the euro to a four-year low against the dollar.
Financial stocks ranked among the worst performers, with both the KBW Banks index (.BKX) down 3.51 percent. JPMorgan Chase & Co (JPM.N) shed 2.3 percent to $38.19, while Bank of America Corp (BAC.N) slipped 2 percent to $15.50.
The Dow Jones industrial average (.DJI) tumbled 259.67 points, or 2.53 percent, to 9,995.61. The Standard & Poor's 500 Index (.SPX) lost 29.67 points, or 2.69 percent, to 1,073.16. The Nasdaq Composite Index (.IXIC) dropped 64.89 points, or 2.82 percent, to 2,238.14.
Further exacerbating the pressure on Wall Street were concerns from Europe about Societe Generale's (SOGN.PA) derivatives business. The company said it would not comment on market rumors.
(Excerpt) Read more at news.yahoo.com ...
“There’s no other way to describe it except flat out disappointing,” said Mike O’Rourke, chief market strategist at BTIG LLC in New York.
“Once you get beyond the Census numbers, it was abysmal.”
matching the performance of the most transparent and ethical administration ever.. ‘abysmal’ .. a word that rhymes with Pepto Bismol. ;-]
Job prosperity won’t return until the jobs and factories exported by both parties are restored. Tax cuts and green jobs are placebos. If American companies want to invest throughout the world to take advantage of cheaper labor and environmental standards, we have to reduce our standard of living to meet the lowest competition or tax the hell out of foreign imports so as to make them uneconomical. Yes it will raise prices. So what - people will make the money to afford. Lower prices and lower jobs is no solution.
The only thing that will stimulate the private equity markets is nationalizing more industries. /bill ayres
Unexpected.
“Job prosperity won’t return until the jobs and factories exported by both parties are restored.”
True, at least to an extent. We can’t and won’t restore the same jobs that left and factories that closed. However, we do have to become a manufacturing giant again. And it all starts with cheap abundant energy.
None of this “green jobs” BS. Wind power is just blowing smoke, solar power is trying to sell me sunshine. There is no substitute for coal, oil, gas & nuclear.
Right whatever it takes. Gingrich's 3rd wave Information Age has come up short as an economic engine.
“Job prosperity won’t return until the jobs and factories exported by both parties are restored”
Sending manufacturing jobs overseas was the start of the decline of America. Bring them back and force other countries to adopt our EPA standards, health care, increase wages, etc.. Tariff the hell out of imports. Why does China have a policy in their country forcing their citizens to buy Chinese made products?
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