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WEDNESDAY, NOVEMBER 25, 2009
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 MARKET OPEN 
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Stocks Plummet on Jobs Data

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(Newser) – Stocks tumbled at the open today after a worse-than-expected drop in June payroll figures, the Wall Street Journal reports. The Dow sunk 135 points, while the Nasdaq and S&P fell 1.8% and 1.6%, respectively. The economy shed 467,000 non-farm jobs in June; economists had predicted a loss of 350,000. “Jobs are usually a lagging indicator,” said one researcher. “But this time, they’re almost a leading indicator. This is a consumer led recession.”

A trader uses a phone post on the floor of the New York Stock Exchange Tuesday, June 30, 2009.
A trader uses a phone post on the floor of the New York Stock Exchange Tuesday, June 30, 2009.   (AP Photo/Richard Drew)
Trader John Strazza, right, talks in to his mobile phone as he works on the floor of the New York Stock Exchange Tuesday, June 30, 2009.
Trader John Strazza, right, talks in to his mobile phone as he works on the floor of the New York Stock Exchange Tuesday, June 30, 2009.   (AP Photo/Richard Drew)
A specialist works at his post on the floor of the New York Stock Exchange after the Fed interest rate decision, Wednesday, June 24, 2009.
A specialist works at his post on the floor of the New York Stock Exchange after the Fed interest rate decision, Wednesday, June 24, 2009.   (AP Photo/Richard Drew)
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3 comments
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B McInturff
Jul 2, 09 10:13 AM CDT
Why is it that traders seem afraid of their own shadows? Reply
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IN RESPONSE:
jbuberel
Jul 2, 09 10:18 AM CDT
Because they now understand that stocks, and stock market performance, are not necessarily a good barometer of the overall economic trajectory (positive or negative). Meaning that the value of their portfolios is partly at the mercy of economic forces unrelated to the performance of companies in which they hold shares.
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Derni
Jul 2, 09 11:48 AM CDT
uNTIL PEOPLE HAVE JOBS AND ARE "COMFORTABLE" THAT THEIR JOB IS SECURE DON"t look for much to change-housing-feeling safe in ones job and money in the hands of the people will change things-The banks took the money and made loans harder to get-Credit card % went up drastically-Gov't intervention on credit card rates etc needed to take place immedaitely-now itsa too late-comapnies raised rates before they were required to change things Reply
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