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NEW YORK — US stocks plummeted Friday after the release of disappointing jobs data for April, with tech giants leading the way on fears that consumer spending would weaken.
News that the economy generated only 115,000 net new jobs last month, less than half the pace at the beginning of the year, sent buyers running for the doors.
The data also suggested that many tens of thousands of Americans had also dropped out of the jobs market altogether, a bad sign for household incomes.
At the close the Dow Jones Industrial Average was off 168.32 points, or 1.27 percent, to 13,038.27.
The S&P 500 lost 22.47 (1.61 percent) to 1,369.10, while the tech-rich Nasdaq plunged 67.96 (2.25 percent) to 2,956.34.
The jobs data combined with a disappointing report Thursday on consumer spending from department stores to tip sentiment against the market.
What happened to this big recovery that was being boasted about? Obama is not starting out May much better than April it seems. Anyone that lives in the real world saw this coming.
Big deal. Not much of a decline relative to how far we have come up with Obama (more than doubled!). It came off the high yesterday which was the highest since Bush was still thought better of. AND.... Oil prices dropped a lot this week and are now about what they were earlier this year before the Iran run up. Look for big drops at the pump in the coming days and weeks, a sharp rise in consumer confidence and spending, and even higher numbers for Obama approval ratings. Romney is toast. Four more years!
Oh, and job numbers were revised upward for both Feb and March. Obama is within 500K of recovering every single job lost at the beginning of his presidency due to the Bush administration. Looks like a slam dunk that will happen. AND.... Unemployment dropped again. Say it with me this time: Four more years! Four more years!
Big deal. Not much of a decline relative to how far we have come up with Obama (more than doubled!). It came off the high yesterday which was the highest since Bush was still thought better of. AND.... Oil prices dropped a lot this week and are now about what they were earlier this year before the Iran run up. Look for big drops at the pump in the coming days and weeks, a sharp rise in consumer confidence and spending, and even higher numbers for Obama approval ratings. Romney is toast. Four more years!
Oh, and job numbers were revised upward for both Feb and March. Obama is within 500K of recovering every single job lost at the beginning of his presidency due to the Bush administration. Looks like a slam dunk that will happen. AND.... Unemployment dropped again. Say it with me this time: Four more years! Four more years!
You better grab hold of something and hang on...all of that spinning you're doing is bound to be making you dizzy...lol.
It was a putrid jobs report. No doubt, we had 3 decent months due to warm weather making for early construction, but by now, in a normal recovery, we'd see 3-4 million new jobs annually at minimum. All 120k does is keep pace with NEW people normally seeking work. BO got lucky; over 300K gave up lowering rate by .1
He is #1 at fostering people giving up..several million have stopped seeking work under his regime.
Stocks have been dancing around 13000 for a couple of months now, dropping to 12000, rising to almost 14000. Looks like for right now that general fluctuation is about the value of the boards.
It was a putrid jobs report. No doubt, we had 3 decent months due to warm weather making for early construction, but by now, in a normal recovery, we'd see 3-4 million new jobs annually at minimum. All 120k does is keep pace with NEW people normally seeking work. BO got lucky; over 300K gave up lowering rate by .1
He is #1 at fostering people giving up..several million have stopped seeking work under his regime.
Yes, the lowered 'unemployment rate' is quite misleading. People in this country know whether they are doing better or not (if they actually work for a living) and most don't think they are.
[url=http://www.google.com/hostednews/afp/article/ALeqM5iApca0ixEIGPI8kUoInhCeqqqBtw?docId=CNG.dc1c0 d03f9f7b4d37ef6ff6590404bcc.b1]AFP: US stocks plummet after poor jobs numbers[/url]
What happened to this big recovery that was being boasted about? Obama is not starting out May much better than April it seems. Anyone that lives in the real world saw this coming.
Plummet? I thought the Dow closed at over 13,000 didn't it? That's about 65% higher than when he took office.
I do agree that the unemployment rate is misleading. A lot of people stopped looking for work and there are many college grads who can't find jobs. However, I think things might be a lot worse today without Obama's policies like the Stimulus bill and saving the auto industry from collapse.
Last edited by justNancy; 05-05-2012 at 01:33 AM..
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