Skip to comments.U.S. stocks erase most of 2012 gains after jobs report
Posted on 06/01/2012 1:25:08 PM PDT by Sub-Driver
U.S. stocks erase most of 2012 gains after jobs report ReutersReuters 42 minutes ago
By Rodrigo Campos
NEW YORK (Reuters) - U.S. stocks erased most of the year's gains on Friday after a much weaker-than-expected jobs report added to fears about a global economic slowdown.
The Dow industrials turned negative for the year and the S&P 500 was on track to close at its lowest since early January. The benchmark traded below its 200-day average for the first time in 2012.
The Labor Department said employers created a net 69,000 jobs last month, the weakest in a year and far from the 150,000 new jobs economists had forecast. The unemployment rate rose to 8.2 percent.
The bleak report caps a week that brought soft economic data from China and saw Europe's problems grow as the Spanish bank crisis deepened. A global flight to safety was evidenced in record low yields in U.S. and German government debt as well as a spike in the VIX, a gauge of U.S. equity market anxiety.
"The 10-year yield and VIX are suggesting the vast majority of investors are choosing to panic," said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management in Menomonee Falls, Wisconsin.
(Excerpt) Read more at finance.yahoo.com ...
I will wager a months salary that every mainstream news story about the stock market fall will either; a) not mention Obama by name, or, b) only mention Obama in terms of this being detrimental to his re-election.
Don’t worry. Here is the good news. http://www.youtube.com/watch?v=mhYSgPZ41WU
Most? How about ALL, then some... These folks are something else
Obama has stated that he doesn’t pay attention to the daily gyrations of the stock market. So I guess we’re not focusing properly, if we’re checking out those gyrations...............
The comments section has idiots posting things like “capitalism has failed”. As if what we are doing now is free market capitalism. It is getting closer to the economic description of Fascism, where businesses can be privately owned but only by those friendly to the ruling class.
Those who persist in ignoring the lessons of history continue to hope that a Marxist America can defeat the Soviet precedent.
And the Euro is falling like a rock, and it has nothing to do with any jobs report.
It all has to come down; there is no palpable support for anybody’s economy.