« previous next »
Pages: [1] 2   Go Down

Author Topic: US stocks slump to six-year low after grim jobless data  (Read 6284 times)

0 Members and 1 Guest are viewing this topic.

Offline Wretched Excess

  • Hero Member
  • *****
  • Posts: 15284
  • Reputation: +485/-84
  • Life, Liberty and the pursuit of Happy Hour
US stocks slump to six-year low after grim jobless data
« on: February 19, 2009, 03:41:00 PM »

Dear President Barack,
   
    You Suck.

               Love,
               Wall Street.


Quote
US stocks slump to six-year low after grim jobless data

 US stocks closed at six-year lows Thursday after data showed five million people were collecting unemployment benefits, a record high number that underlined the growing depths of the recession.

The Dow Jones Industrial Average sank 89.68 points (1.19 percent) to 7,465.95 at the market close.

The tech-dominated Nasdaq dropped 25.15 points (1.71 percent) to 1,442.82 and the broad-market Standard & Poor's 500 index shed 9.48 points (1.20 percent) at 778.94, according to preliminary closing figures.

Continuing claims for unemployment benefits rose by 170,000 to 4.987 million for the week ending February 7, another all-time high, the Labor Department said.

"Continuing claims are at a record high. They underscore the difficulty in finding a new job at this juncture and make it apparent for many people why they should be saving more money if possible," said Patrick O'Hare of Briefing.com.

"The increased propensity to save bodes well for consumer balance sheets, but it will be a drain on GDP since increased savings means less spending by the consumer," he said.

Link

Logged

Offline docstew

  • Hero Member
  • *****
  • Posts: 4741
  • Reputation: +281/-187
  • My Wife is awesome!
Re: US stocks slump to six-year low after grim jobless data
« Reply #1 on: February 20, 2009, 05:46:11 AM »
IIRC, the last time the stock market was this low, they were on the way UP due to surging job creation, brought about by tax cuts...
Logged

Offline Carl

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 19742
  • Reputation: +1491/-100
Re: US stocks slump to six-year low after grim jobless data
« Reply #2 on: February 20, 2009, 12:35:23 PM »
Get ready for DOW 5000 maybe.
No reason at this point for any business investment from major players.

Logged

Offline Lacarnut

  • Hero Member
  • *****
  • Posts: 4154
  • Reputation: +316/-315
Re: US stocks slump to six-year low after grim jobless data
« Reply #3 on: February 20, 2009, 01:31:25 PM »
Rick Santelli has got it right. Investors have been turned off by the bailouts of the banks and the wastefull stimulus plan. Goldman Sachs spent billions on bonus's. CITI, BOA and others will not even tell us where the Tarp 1 money went, and the idiots in Congress are going to approve Tarp 2. Billions given to Acorn will not stimulate the economy nor will millions for mice research in San Fran.

I would not be surprised to see the market go down several thousand more points. Investors are dumping their stocks and flocking to gold, silver, platinum, etc. I look for Gold to go up to $2K per ounce and silver to top $20 per ounce. Tarp 2 and Stimulus 2 will make precious metals go up that much faster and push stocks that much lower. 
Logged

Offline Hawkgirl

  • Alpha Female
  • Hero Member
  • *****
  • Posts: 4291
  • Reputation: +186/-73
Re: US stocks slump to six-year low after grim jobless data
« Reply #4 on: February 20, 2009, 04:16:37 PM »
I want to pull my hair out... :maddernhell:

I was going to invest in a bear market fund  a few months back when DOW was just under 9000, but being an optimist, I decided against it.  I could have made some serious bank right now. :censored:
Logged

Offline Taxman

  • Full Member
  • ***
  • Posts: 446
  • Reputation: +93/-67
Re: US stocks slump to six-year low after grim jobless data
« Reply #5 on: February 20, 2009, 04:44:09 PM »
Quote from: Hawkgirl on February 20, 2009, 04:16:37 PM
I want to pull my hair out... :maddernhell:

I was going to invest in a bear market fund  a few months back when DOW was just under 9000, but being an optimist, I decided against it.  I could have made some serious bank right now. :censored:

Speaking of bank, I am looking at soon pulling the trigger on some bank stocks. The funds will come from my high risk stash but I think there is some serious long-term jack to be made IF you can pick those that have the staying power to be around in a few years. 
Logged

Offline Hawkgirl

  • Alpha Female
  • Hero Member
  • *****
  • Posts: 4291
  • Reputation: +186/-73
Re: US stocks slump to six-year low after grim jobless data
« Reply #6 on: February 20, 2009, 05:01:33 PM »
Quote from: Taxman on February 20, 2009, 04:44:09 PM
Speaking of bank, I am looking at soon pulling the trigger on some bank stocks. The funds will come from my high risk stash but I think there is some serious long-term jack to be made IF you can pick those that have the staying power to be around in a few years. 

Too volatile for me....I bought and am holding some big name blue chips. 
Logged

Offline Lacarnut

  • Hero Member
  • *****
  • Posts: 4154
  • Reputation: +316/-315
Re: US stocks slump to six-year low after grim jobless data
« Reply #7 on: February 20, 2009, 05:20:57 PM »
Quote from: Hawkgirl on February 20, 2009, 05:01:33 PM
Too volatile for me....I bought and am holding some big name blue chips. 

I had invested in an ultra short Financial (SKF). Made about 30% in a short period of time but then got cold feet when it started going down. Now, it is going up like gang busters.

I think gold, silver and platinum beats the heck out of stocks. The gold coins I bought from the mint a month ago are selling on eBay for 20% more than I paid for them. Most of the double eagle gold coins that the mint is selling are going fast and production is limited. So once they sell out of that particular coin, they are gone forever.
« Last Edit: February 20, 2009, 05:27:06 PM by Lacarnut »
Logged

Offline Tess Anderson

  • Hero Member
  • *****
  • Posts: 4058
  • Reputation: +2697/-30
Re: US stocks slump to six-year low after grim jobless data
« Reply #8 on: February 21, 2009, 08:59:31 AM »
Quote from: Carl on February 20, 2009, 12:35:23 PM
Get ready for DOW 5000 maybe.
No reason at this point for any business investment from major players.


Glenn Beck was predicting yesterday that the Dow would be around 2700 within five years.
Logged

Offline docstew

  • Hero Member
  • *****
  • Posts: 4741
  • Reputation: +281/-187
  • My Wife is awesome!
Re: US stocks slump to six-year low after grim jobless data
« Reply #9 on: February 21, 2009, 12:19:05 PM »
Quote from: BadCat on February 21, 2009, 10:40:23 AM
2008 was the first year the "baby boomers" started to retire.  There will be more and more of them expecting their government checks every month for the next 18 years.

to coincide with the beginning of die-offs of 60's hippies...
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #10 on: February 22, 2009, 12:20:19 PM »
Quote from: Carl on February 20, 2009, 12:35:23 PM
Get ready for DOW 5000 maybe.
No reason at this point for any business investment from major players.


After the recnt news on the budget and the tax increase hits the street, DOW 5000 will become more reality than possibility...the stage is set and it is becoming more apparent our gov. doesn't know what they are doing.
I just hope it will stop there.
Logged

Offline rich_t

  • Hero Member
  • *****
  • Posts: 7942
  • Reputation: +386/-429
  • TANSTAAFL
Re: US stocks slump to six-year low after grim jobless data
« Reply #11 on: February 22, 2009, 03:02:48 PM »
I bet it dips below 3000 within the next 6-9 months.
Logged
"The American people will never knowingly adopt socialism. But, under the name of 'liberalism,' they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." --Norman Thomas, 1944

Offline Lacarnut

  • Hero Member
  • *****
  • Posts: 4154
  • Reputation: +316/-315
Re: US stocks slump to six-year low after grim jobless data
« Reply #12 on: February 22, 2009, 03:09:07 PM »
Quote from: BadCat on February 22, 2009, 02:48:08 PM
When he raises the business and cap gains taxes, LIKE HE SAYS HE IS GOING TO, 5000 will look like the good old days on Wall Street.

I'm thinking 2000 or maybe lower.

The Capital gain tax exemption was included in the stimulus package. However, the Magic Negro is going to announce next week that he is going to reduce the deficit (liar, liar), and increase taxes on the wealthy. His definition of wealthy will probably include anyone that has a job and makes over $30k. That should cause the DOW to sink 800 points or more in one day.  
Logged

Offline Carl

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 19742
  • Reputation: +1491/-100
Re: US stocks slump to six-year low after grim jobless data
« Reply #13 on: February 22, 2009, 04:22:40 PM »
Quote from: Strider on February 22, 2009, 12:20:19 PM
After the recnt news on the budget and the tax increase hits the street, DOW 5000 will become more reality than possibility...the stage is set and it is becoming more apparent our gov. doesn't know what they are doing.
I just hope it will stop there.
BINGO.

Institutions and large holders are going to run away in a heartbeat when it hits them that this idiot really does believe a socialist idealogy is an economic program..
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #14 on: February 22, 2009, 07:14:30 PM »
Quote from: Carl on February 22, 2009, 04:22:40 PM
BINGO.

Institutions and large holders are going to run away in a heartbeat when it hits them that this idiot really does believe a socialist idealogy is an economic program..

Yes sir...
and I may be one of the first to run in the am...blood will be in the water at 9:30 am eastern....Nekkei down 150pts right now...
Logged

Offline Carl

  • Global Moderator
  • Hero Member
  • *****
  • Posts: 19742
  • Reputation: +1491/-100
Re: US stocks slump to six-year low after grim jobless data
« Reply #15 on: February 23, 2009, 03:03:11 PM »
Off another 250 points today....the obamanation rolls on.
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #16 on: February 23, 2009, 04:08:08 PM »
Quote from: Carl on February 23, 2009, 03:03:11 PM
Off another 250 points today....the obamanation rolls on.

Yep...critical mass and dow 5000 coming soon to a brokerage house near you...stay tuned....
Logged

Offline Lacarnut

  • Hero Member
  • *****
  • Posts: 4154
  • Reputation: +316/-315
Re: US stocks slump to six-year low after grim jobless data
« Reply #17 on: February 23, 2009, 09:21:10 PM »
Quote from: Carl on February 23, 2009, 03:03:11 PM
Off another 250 points today....the obamanation rolls on.


Geithner and the Magic Negro have a combined 3 appearance on TV and or Congress this week so by the closing bell on Friday the Dow should be down to 6500. These dumb asses are batting 100%. Everytime they open their trap, the market sinks.
Logged

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2222/-127
Re: US stocks slump to six-year low after grim jobless data
« Reply #18 on: February 23, 2009, 09:26:34 PM »
Quote from: Lacarnut on February 23, 2009, 09:21:10 PM
Geithner and the Magic Negro have a combined 3 appearance on TV and or Congress this week so by the closing bell on Friday the Dow should be down to 6500. These dumb asses are batting 100%. Everytime they open their trap, the market sinks.

Yet with every precipitous drop in the DJIA , the media finds something to blame the drop on. They have refused to place any blame on 0Bama or the Porkulous spending bill, or the socialist planning of bank takeovers.  :banghead:
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #19 on: February 23, 2009, 10:23:45 PM »
Nikkei down 190pts,Hang seng down 585 pts tonight....
I dont think the "Community organizer" will be able to campaign his way outa this mess...
Joe Biden was right...POTUS isn't the job for OJT and the position certainly doesn't suffer fools.
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #20 on: February 23, 2009, 10:25:59 PM »
Quote from: thundley4 on February 23, 2009, 09:26:34 PM
Yet with every precipitous drop in the DJIA , the media finds something to blame the drop on. They have refused to place any blame on 0Bama or the Porkulous spending bill, or the socialist planning of bank takeovers.  :banghead:
Patience my friend....
as soon as public opinion shifts they will be on him like a rabid dog.... :evillaugh:
Logged

Offline Wretched Excess

  • Hero Member
  • *****
  • Posts: 15284
  • Reputation: +485/-84
  • Life, Liberty and the pursuit of Happy Hour
Re: US stocks slump to six-year low after grim jobless data
« Reply #21 on: February 23, 2009, 10:55:42 PM »

chris mattews and howard fineman were dumping on obama and the obamese administrators tonight.  it was shocking.  chris matthews was acting like a stood up prom date. :-)  I guess that leg tingling thingy is over now. 
Logged

Offline Strider

  • Full Member
  • ***
  • Posts: 194
  • Reputation: +26/-3
Re: US stocks slump to six-year low after grim jobless data
« Reply #22 on: February 24, 2009, 12:28:19 AM »
Quote from: Wretched Excess on February 23, 2009, 10:55:42 PM
chris mattews and howard fineman were dumping on obama and the obamese administrators tonight.  it was shocking.  chris matthews was acting like a stood up prom date. :-)  I guess that leg tingling thingy is over now. 
I guess they are starting to realize....what was it obamer said during the election that had vague reference to Sarah??...oh yes...you can put lipstick on a pig......
but it is still a two bit thug from Chicago operating way above his pay grade
Logged

Offline Flame

  • Hero Member
  • *****
  • Posts: 4361
  • Reputation: +166/-34
Re: US stocks slump to six-year low after grim jobless data
« Reply #23 on: February 24, 2009, 07:37:34 AM »
Any bets on how bad the market will tank after Barack's speech tonight?
Logged

Offline thundley4

  • Hero Member
  • *****
  • Posts: 40571
  • Reputation: +2222/-127
Re: US stocks slump to six-year low after grim jobless data
« Reply #24 on: February 24, 2009, 08:14:39 AM »

 :rotf:

Logged
Pages: [1] 2   Go Up
« previous next »