The primary stock indices dropped off significantly last session after news
spread that the Feds were not pulling QE3 out of their pocket at this time. Many
expected a more direct form of stimulus for the stagnating American economy,
such as QE3, and investor optimism extinguished when this was not offered. The
primary U.S. stock indices suffered as a result. They continued to show the
negative affects of yesterdays business this morning. Prior to opening bell this
morning, Futures for the primary stock composites were all posting red. Stocks
were positioned for the lower open this morning. Investors are seeing negative
signs today on a global scale. World markets are experiencing noteworthy
sell-offs today, due in part, to the statements issued by the Federal Reserve
yesterday. The major indices in Asia all finished in negative territory and the
primary indices in the European marketplace opened with attention grabbing
losses. Today in the U.S., as the trading session reached the halfway point, the
primary stock composites continued to move lower. The Dow Jones Industrial
Average had reached the 400 point loss mark. Stocks are getting hammered. Adding
to the already negative tone, the jobs report posted today and was much weaker
than expected. According to the data issued by the Labor Department, the number
of Americans filing for first time jobless benefits posted higher than expected
at 423,000 last week. This news pushed negatively on stock indices as well. At
mid-day, the Dow Jones Industrial Average was lower by over 425 points at
10,698. The Nasdaq was lower by over 82 points at 2,456 and the S&P 500 was
lower by over 40 points at 1,126. Frank Matto
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