Here was how our local news (radio-KTRH) reported it: “Stocks are down right now. Concerns about Europe overshadowing a promising jobs report.”
That’s incredible.
I think the market has long since discounted a contuing sluggish economy. It's a long stretch to call this one "promising" (the only thing it is promising is a continuation of a unusually long and deep recession), but it's no surprise to any investor with his eyes open.
The European crisis IS overshading the, more or less, status quo at home. Although I think most investors anticipated there would be continuing problems in Europe; how those problems will play out is in flux. Wall Street hates uncertainty.
With the huge JP Morgan loss, there may be concern about American financial institutions exposure in the event of a Euro crash. But, my lord, why is the administration jumping up and down about Morgan? So far as I have heard, they lost a great deal of their own money - that's between them and their stockholders. What about Courzine and the devestation of innocent investors through illegal activities? That's where the government should be involved and, like, enforce the law maybe?
Tell me if I'm missing something ...
-—Stocks are down right now. Concerns about Europe overshadowing a promising jobs report.”——
LOL!