Skip to comments.Stocks slide on jobs concern
Posted on 04/09/2012 8:39:55 AM PDT by Signalman
NEW YORK (CNNMoney) -- U.S. stocks sold off Monday as investors reconsidered the outlook for economic growth following a disappointing jobs report last week.
In addition, a higher-than-expected reading on inflation in China added to the worries.
The Dow Jones industrial average (INDU) was down 147 points, or 1%, in early trading. The S&P 500 (SPX) tumbled 16 points, or 1.2%, and Nasdaq (COMP) slid 32 points, or 1%.
On Friday, the Labor Department said the U.S. economy added 120,000 jobs in March, following three straight monthly gains of 200,000 jobs or more, a trend that economists expected would continue.
AOL (AOL) shares surged more than 40% Monday, after the company said it agreed to sell more than 800 patents to Microsoft (MSFT, Fortune 500) for about $1 billion in cash.
Meanwhile, investors flocked toward the safety of U.S. government debt, pushing the yield on the 10-year Treasury notes to 2.03%, its lowest level in nearly a month.
With no major economic reports on tap Monday, investors are questioning the outlook for growth in light of Friday's jobs report, said David Rolfe, chief investment officer of Wedgewood Partners of St. Louis.
In addition, traders are bracing for a potentially "choppy earnings season," he added.
(Excerpt) Read more at money.cnn.com ...
Why the concern?
Didn’t the unemployment rate go DOWN last week?
According to the Government, things are getting better.
Prosperity is just around the corner! (seems I heard that one before).
Lets declare this ‘Recovery Summer 3.0’
Obama said everything was tikka de boo and hunky dory
Well, things are going exactly the way Ubama and the rats want them to go - - tens of thousands will soon be added to the hordes of government-dependent parasites looking for “free stuff” in exchange for their votes.
Why the concern? If there are too many people who are unemployed, "The 0ne" will magically make them disappear from the workforce, and voila! Unemployment figures will drop!
Nothing will move to the plus side until Obama is out of office.
And even then, the leftists will do their level best to continue to destroy the economy so they can blame it on the Republican in office.
Or rather, blame it on all of the Republicans in office. They will continue to do what they have been accusing us of doing....which is what they were trying to do the during the entire Bush presidency...ie talk the economy down into a recession. After two years of control of both houses of congress...they finally succeeded.
The only game the democrats have is blame because they have no record to stand on.
Obama is the best they have and look at the mess he and his pals have caused.
The democrats make the Mafia look like boy scouts.