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...

This year, the ground feels uncertain — facts are buried and those in power are working to keep them hidden. Now more than ever, independent journalism must go beneath the surface.

At Truthdig, we don’t just report what's happening — we investigate how and why. We follow the threads others leave behind and uncover the forces shaping our future.

Your tax-deductible donation fuels journalism that asks harder questions and digs where others won’t.

Don’t settle for surface-level coverage.

Unearth what matters. Help dig deeper.

Donate now.

SUPPORT TRUTHDIG