US Stocks Fall to Lowest Since 2006 as Jobs Data Spur Slowdown Concern

[marmar]

Slowdown? Who writes the headlines for Bloomberg's homepage .... Dana Perino?




from Bloomberg:



U.S. Stocks Drop on Unexpected Loss of Jobs; Energy Shares Fall

By Elizabeth Stanton

March 7 (Bloomberg) -- U.S. stocks fell to the lowest since August 2006 after the biggest drop in jobs in five years sent energy, mining and industrial shares lower, overshadowing a Federal Reserve plan to make more cash available to lenders.

Chevron Corp. and Alcoa Inc. led declines that sent the Dow Jones Industrial Average below 12,000 for the first time since January. Boeing Co., the second-biggest maker of commercial aircraft, slid the most in two months on concern a new jetliner will be delayed. Financial shares slid for a seventh day after Thornburg Mortgage Inc. said it plans to restate earnings because of impaired assets.

The Standard & Poor's 500 Index retreated 19.62 points, or 1.5 percent, to 1,284.72 at 2:35 p.m. in New York, extending its second consecutive weekly retreat. The Dow average lost 204.91, or 1.7 percent, to 11,835.48. The Nasdaq Composite Index decreased 30.34, or 1.4 percent, to 2,190.16. Three stocks fell for every one that rose on the New York Stock Exchange.

``This is definitely bad news,'' Ed Peters, chief investment officer at PanAgora Asset Management in Boston, which manages $25 billion, said of the jobs report. ``It increases the chance for a real recession happening if consumers start to pull back significantly.''

The S&P 500 increased its weekly decline to 3.5 percent after the Labor Department reported a loss of 63,000 jobs last month, defying economists forecasts for a gain of 23,000. The benchmark for U.S. equities is down 12 percent this year on concern that the first decline in home prices since the Great Depression and record foreclosures will increase bank losses and limit lending. ......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=abH.X7RWORh0&refer=home

[Winterblues]

1. Dow has dropped 200 points so far today and still an hour to go

Like a rock..

[durablend]

2. Well stop talking about it then!

And it'll stop going down!

Sheesh!

:sarcasm:

[sicksicksick_N_tired]

3. What'[s total percentage loss this year: 15%? 18%?

:shrug:

Wall Street always acts "off guard". What's the matter with those people?