A major drop was observed with the primary stock market composites during the
last session. The DJIA moved significantly lower as did the Nasdaq and the S&P
500 indices. The Labor Department posted initial jobless claims yesterday and
this data was weaker than most had hoped to see. The report revealed that a
significant number of Americans remain unemployed. Approximately 400,000
Americans are among the ranks of the unemployed. This news only heightened
anxieties building in anticipation of todays jobs and unemployment data
scheduled to post. Negative economic posts have been building over the past week
and they are applying negative pressure to the major stock indices. The Dow
Jones finished the last day lower by 4.31 percent or 512.76 and closed at
11,383.68. The Nasdaq finished lower by 5.08 percent or 136.68 to close at
2,556.39 and the S&P 500 finished lower by 4.78 percent or 60.27 points to close
at 1,200.07. Fears are growing over a potential double dip back into recessive
tendencies for the U.S. economy. Markets were already under intense pressure on
widespread worries stemming from the U.S. and oversees. Now, the pressure is
even more intense. Alongside the lower trends of the major indices, individual
companies felt the negative pressure as well. Bank of America closed the last
session lower according to MSN money stock quotes. BAC moved lower on the day by
7.44 percent and closed out at 8.83. The previous close for Bank of America was
9.54. Frank Matto
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