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Ear to the Ground

Stock Market’s Wild Ride Continues

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Posted on Aug 18, 2011
AP / Richard Drew

Trader William Long at work on the floor of the New York Stock Exchange.

The stock market is revisiting last week’s extreme volatility, with the Dow Jones average plummeting 471 points in the first two hours of trading Thursday. Update: At the closing bell, the Dow was down about 419 points, 3.7 percent, to roughly 10,990.

The decline comes on the heels of a big sell-off in Europe and amid the release of a number of U.S. government reports that clearly made investors uneasy, showing things like increased joblessness, low manufacturing activity and high levels of inflation due to gasoline prices. —BF

Politico:

The Labor Department reported that initial jobless claims for last week rose more than expected to 408,000. The uptick prompted Joshua Dennerlein, an economist with Bank of America Merrill Lynch, to warn in a note about the broader fallout to the economy if unemployment benefits expire.

“At the end of this year, the federally funded unemployment programs are set to expire and this will cause over 3.5 million workers to lose their weekly unemployment insurance payments,” Dennerlein wrote. “After the expiration, only a quarter of the nation’s unemployed will be collecting UI checks. This will act as a hit to income, hurting consumption growth in the first half of next year.”

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prisnersdilema's avatar

By prisnersdilema, August 18, 2011 at 8:06 pm Link to this comment

Until the crooks at the Banks, and the insurance companies go to jail there will be no
recovery.

While the economy circles around the drain, G.E. Expands it’s outsourcing in China,
headed by Obama’s former jobs Czar.

I noticed that the outsourcing conference in the Phillipines was well attended, by some of
the nations largest insurance companies.

Go ahead move it all over to the P.I., and don’t come back. You belong behind bars
along with the crooked politicians you bought. Starting with Senator Palpatine, aka
Joseph Liberman, Obamas Mentor.

Which makes Obama….

Report this

By expat, August 18, 2011 at 12:13 pm Link to this comment
(Unregistered commenter)

if you take historical PE ratio as a baseline for valuation, there is a huge way down still to go.

Down to 7000 for the dow alone…

this is just the beginning.

One quadrillion hole(source BIS credit + derivatives) is a mathematical limit which decrees game over.

get out of us dollar immediately.

Report this
Samson's avatar

By Samson, August 18, 2011 at 12:00 pm Link to this comment

Hey, the guys in the ivory tower noticed me.  I’m the
guy who’s “hurting consumption growth”.  Banker-speak
for trying to figure out how to heck to live with no
money and no job.

If these fools can be surprised to find unemployment
high two years into a depression with no recovery, then
I should have one of their jobs.  wink

Report this
 
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