Trends in the stock market appeared bad, and then yesterday happened. The major
index composites dropped significantly and the Dow made headlines throughout the
day for its trends. The headlines were for reasons that continue to provoke and
add to the anxiety many feel about the health and well being of our present
economy in the U.S. The DJIA dropped over 512 points on the day or 4.31 percent
and closed out at 11,383.68. This wiped out gains made this year so far for the
major index composite. The Dow has not posted a day as bad since December of
2008. The extreme negative action yesterday only strengthened the thoughts that
many have regarding a fall into another recessive period. Other composites fell
red as well. The Nasdaq fell lower by 5.08 percent or 60.27 points and closed
out at 2,556.39 and the S&P 500 dropped off by 4.78 percent or 60.27 points to
close out at 1,200.07. It was the worst of days for stocks last session and the
assumed catalyst for the negativity seems to stem from the initial jobless
claims. The report from the Labor Department was weaker than what many had been
expecting and this caused worries to increase in anticipation of todays nonfarm
payrolls and unemployment report. In addition to worry regarding this report,
anxieties are on the rise on Wall Street relevant to eurozone debt problems that
ultimately overflow and negatively affect the U.S. via global marketplace
relationships. For today though, most eyes and ears will be anxiously awaiting
the payroll and unemployment reports. Frank Matto
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