Skip to comments.Dow erases 2012 gains after 'terrible' jobs report
Posted on 06/01/2012 8:56:04 AM PDT by Signalman
NEW YORK (CNNMoney) -- U.S. stocks sank more than 1.6% at Friday's open, with the Dow erasing all its gains for the year and the 10-year yield on U.S. Treasuries hitting another record low, after a U.S. jobs report fell far short of expectations.
The jobs report showed only 69,000 jobs added to payrolls, less than half the 150,000 jobs forecast by economists surveyed by CNNMoney. The unemployment rate ticked higher for the first time in a year, rising to 8.2%.
"The U.S. employment report was simply terrible," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
The Dow Jones industrial average (INDU) plunged 210 points, or 1.7%. The blue chip index gave up all its gains for the year. The S&P 500 (SPX) lost 24 points, or 1.9%, and the Nasdaq (COMP) dropped 54 points, or 1.9%.
The sell-off was broad, with all 30 Dow components in the red, and 97% of the S&P 500 trading lower.
The CNNMoney Fear and Greed index showed investor confidence sliding even farther into "extreme fear" territory on the news
(Excerpt) Read more at money.cnn.com ...
Not exactly the word we all know and love, but close enough:
“Extreme fear territory” is where you’re likely to make the most money!
You go the way of the crowd, you will probably lose money by locking in your losses.
or Dope and Stagnation?
I feel like I’m living in a movie that I’ve already seen.
The “market” is more micro-trading than evil rich white guys anymore. Computer algorithms are whipping up trades faster than we can post about it.
Down 220.96(1.78%) 12:37PM EDT
Is anyone surprised by this?
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