Posted on 08/04/2011 8:10:25 AM PDT by Hojczyk
Stocks sank again early Thursday as investors continued to fret about the struggling economies in Europe and slow growth in the U.S.
The U.S. government said before the market opened that the number of people who applied for unemployment benefits for the first time edged only slightly lower last week. Concerns about the economy have sent stocks sharply lower over the past two weeks.
European stocks fell broadly because of concerns that Italy or Spain may need help from the European Union. Italy's benchmark index fell 2 percent. The Euro Stoxx 50, which tracks blue-chip stocks in countries that use the euro, fell 1.5 percent.
Thursday started as another big sell-off on Wall Street. The Dow Jones industrial average fell 205 points, or 1.7 percent, to 11,691 in early trading. The S&P 500 lost 26, or 2 percent, to 1,234. The Nasdaq composite shed 63, or 2.3 percent, to 2,630.
Stock trading has been volatile this week because of concerns that the U.S. economy is weakening. Manufacturing, consumer spending and hiring by private companies are below levels that are consistent with a healthy economy.Kraft Foods was the only company among the 30 stocks in the Dow to rise. Kraft rose 2 percent after the company said that it plans to split into two. One company will focus on snacks such as Oreo cookies and the other will target the North American grocery business. General Motors Co. fell 2 percent despite beating analyst estimates. And CVS Caremark fell nearly 4 percent before the market opened after its revenue slipped last quarter.
(Excerpt) Read more at finance.yahoo.com ...
Or, the new 9.5 billion dollars in Federal regulations just last month getting to companies mailboxes this week.
Barkey said we’re not even halfway there.
AP forgot to put the “despite relief over the debt ceiling deal” comment in the article!
Uh oh! That’s gonna cost them.
Those selling or shorting stocks since the Debt Deal are terrorists. Janet and Holder are taking names, adding them to watch lists.
O will soon pass an executive order making it a Federal felony, or an act of treason, to sell stocks. People may only buy stocks, not sell them.
Stocks will be created by the Bernanke, and printed by the Geitner. They will be “backed by the full faith and credit of the United States government.”
A new “Stock Market Czar” will be appointed to oversee the sales, which will be taxed at 50%. Anyone with more than 6% of their wealth in stocks will be declared a traitor, and visited by the Stock Market Czar’s Swat Team.
Stocks will be issued in comparable value to replace the Social Security obligations of the goverment. IRAs and 401Ks will be liquidated nationwide, and replaced with comparable value of stock. Likewise for any non-goverment or non-union pensions.
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It's funny...stocks began to fall when it became clear that the debt ceiling would be raised. BUT, I have yet to read one article that links the sell-off to the raising of the debt ceiling...
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