Thursday was not a good day on Wall Street, with the Dow dropping over 362 points to close at 13,567.87. Meanwhile, the S&P 500, like the Dow, fell 2.6 percent, and the Nasdaq also took a hit, dipping 2.25 percent by day’s end.


The New York Times:

A report that consumer spending slowed in September reinforced analysts’ concerns about a broad slowdown in the fourth quarter economy, spurred by surging energy costs and a recession in the housing market.

“People are getting nervous looking to the holiday season,” said Anthony Conroy, head equity trader at BNY ConvergEx Group. “Discretionary income is going to be a little bit less. People are going to be spending less because they’re paying more for oil and mortgage payments there.”

Of the 30 Dow components, only Microsoft gained ground. Financial stocks, including JPMorgan Chase and American Express as well as Citigroup, were particularly pummeled. Manufacturers including Alcoa and General Motors were also hit hard.

Read more

Wait, before you go…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface.  We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

Support Truthdig