Posted on 10/07/2022 1:11:50 PM PDT by SaxxonWoods
Scroll back up to restore default view. Yahoo Finance Stock market news live updates: Stocks tank, Treasury yields spike as Wall Street frets over jobs report Alexandra Semenova Alexandra Semenova·Reporter Fri, October 7, 2022 at 1:34 PM In this article:
^IXIC -3.80%
^GSPC -2.80%
^DJI -2.11%
U.S. stocks cratered on Friday after the government's monthly employment report showed labor conditions remained tight in September despite a slowdown in hiring — a sign Fed officials will proceed with aggressive interest rate hikes.
The U.S. economy added 263,000 jobs last month as the unemployment rate fell to 3.5%. Economists expected a payroll gain of 255,000 and for unemployment to hold at 3.7%, per consensus estimates compiled by Bloomberg.
The S&P 500 (^GSPC) plunged 3%, while the Dow Jones Industrial Average (^DJI) shed 700 points, or 2.4%. The Nasdaq Composite (^IXIC) led the way down, plummeting 3.9%. Meanwhile in the bond market, Treasury yields spiked, with the benchmark 10-year note topping 3.8% and the rate-sensitive 2-year yield at nearly 4.3%.
(Excerpt) Read more at finance.yahoo.com ...
But there's something else interesting to look at, more on that in a bit...
81 million alleged votes later.....
Wow...NYSE down 630.
The worst scenario of all, when it’s not safe to be in stocks OR bonds.
The Fed has to destroy the economy to slow down their interest rates.
As of now, the economy has been very robust against such actions. Higher unemployment will likely bring forth a stock rally in anticipation of a Fed pivot.
Lol...
Oil up $4.17
Could someone explain what’s going on? Dollar keeps strengthening, oil prices rising, gold is all over the place, jobs added, inflation continues to increase, but call for disaster while job *again) being added?
Biden’s 685 new jobs added since he came to power didn’t impress investors.
Closing numbers =>
DJIA => 29,296.7; -630.15 pts; -2.11%
NASDAQ => 10,652.41; -420.91 pts; -3.8%
S&P 500 => 3,639.66; -104.86 pts; -2.8%
Wow, of this keeps up, we could go into a recession.
To do gradual changes with interest rates is one thing, but if the goal is really to tame inflation, why isn’t gov spending reined in.
Precious metals seem cheap until you want physical delivery. Wow. That costs much more.
"What's Zinc going for these days? 37 cents a pound? Well I think I can spring for a coupla tons."
Good comments, let’s go one step further, check this out:
For the week:
DOW: Up
S+P500: Up
Nasdaq: Up
Global Dow: Up
Gold: Up
Silver: Up
Oil: Up (by far the most, 13%) Everything else up just a little.
Not being a day trader (I have several stocks I’ve held for over 5 years) I always check the weekly and monthly performance, a single day is meaningless, as you’ve seen.
The FED still has a lot of work to do to slow this economy enough to kill inflation. The stock market will start to rally long before the recession is over, as soon as the FED is finished raising rates. Remember, the market discounts the future out about 6-9 months, daily activity can do anything up or down as we’ve seen lately.
Good luck and invest in your future!
The economy is pretty strong, recovering from COVID issues, and there is a time lag between the FED raising rates and those raises affecting the economy. The FED hasn’t affected anything other than expectations at this point.
As for Gold, I’ve never understood it. It’s supposed to be inflation protection but it’s last high (adjusted for inflation) was over 30 years ago. Silver is the same. I look at both as short-term trades, which I rarely do. I have a little physical silver and gold.
“To do gradual changes with interest rates is one thing, but if the goal is really to tame inflation, why isn’t gov spending reined in.”
Neither party ever slows spending enough to matter, but they both raise it all the time, no matter what they say. Too much vote buying and graft.
As for rates, the current rate of increase is one of the fastest one record, it just hasn’t had time to take effecdt yet, there’s a lag and much more to go.
As they say in New Orleans, “Yeah you right.”
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