Stock futures were posting red prior to opening bell of the last trading
session. Upon opening, stock indices fell off a cliff. The Dow Jones, along with
the Nasdaq and S&P 500 dropped further into the red due to the negatively skewed
economic reports that recently posted. Jobs data that posted this week was worse
than anticipated as the initial claims for unemployment pushed higher. The
unemployment rate remains 9.1 percent in America and the people are feeling the
pressure of the stalling U.S. economy. Trends in Europe are worrisome as the
debt crisis there grows. Stock indices in the eurozone regions were negatively
effected by the crisis and this negative action traveled overseas and pressured
trends in the U.S. to end the week. Ultimately, the primary stock composites
finished in the red as the last session of the week closed. The Dow Jones
Industrial Average closed lower by 2.69 percent. The Nasdaq closed lower by 2.42
percent at 2,467.99 and the S&P 500 closed lower by 2.67 percent at 1,154.23.
The economy needs a boost. President Obama hopes his proposed plan is well
received and that it provides the economic boost in the U.S. that is desperately
needed. Frank Matto
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