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Obama Wars Title: Dow Tumbling Toward 10,000; Dow Tumbling Toward 10,000; VIX Tops 25 Published: Thursday, 4 Feb 2010 | 12:17 PM ET Text Size By: Cindy Perman Writer Stocks tumbled 2 percent Thursday, putting the Dow dangerously close to crashing through 10,000, amid worries about the US job market and Europe's ability to get a grip on its debt. Major indexes were down about 2 percent. Alcoa, JPMorgan and Bank of America led the decline on the Dow Jones Industrial Average. Just one of the 30 Dow components were higher — Cisco. The CBOE volatility index, the market's fear gauge, spiked above 25. Major U.S. Indexes.DJIA10066.87-203.68-1.98%0.NCOMP2143.4-47.51-2.17%0.SPX1072.22-25.06-2.28%0 Global markets started the day's spiral amid worries about debt in Portgual, Spain and Greece and those countries' abilities to get it under control. The U.S. fanned the flames as initial jobless claims rose by 8,000 last week to a seasonally adjusted 480,000. Economists had been expecting the gauge to drop by 10,000, according to the latest Reuters survey. This came after a pair of reports on Wednesday that showed tepid jobs growth and one day ahead of the big jobs report from the government. Economists expect to see that 5,000 jobs were added to nonfarm payrolls in January after a loss of 85,000 in December. Do you expect Friday's report to show jobs growth? Take our poll. Stocks snapped a two-day winning streak Wednesday amid disappointment in that batch of economic data. If stocks keep up their losing pace today, they will erase all the gains from that two-day rally. FOR INVESTORS Three Reasons to Buy Stocks Cramer: 8 Bull Markets Happening Now How to Make Money in Foreign Stocks Why Are Traders Betting Against Comcast? Hungry? Trade Your Stock in for Steak! In the news this morning, Bank of America [BAC 14.94 -0.59 (-3.8%) ] is on a spending spree across Asia, hoping to take advantage of the region's accelerating growth and build the investment-banking business Merrill Lynch started. Toyota [TM 71.91 -1.58 (-2.15%) ] raised its annual forecast, despite new complaints about braking problems in its third-generation Prius. After the bell yesterday, networking-gear maker Cisco [CSCO 23.345 0.275 (+1.19%) ] beat expectations for both earnings and revenue and CEO John Chambers said that he is bullish on the recovery. "Our results show we are entering the second phase of the economic recovery" amid an increase in business spending on technology, Chambers said on CNBC this morning. Retailers unleashed a wave of chain-store sales reports this morning — More than half beat their targets. Macy's [M 16.69 0.45 (+2.77%) ] was a standout: The department store operator reported same-store sales rose 3.4 percent last month, topping expectations for a flat month, and raised its full-year earnings forecast. Gap [GPS 19.66 0.64 (+3.36%) ], TJMaxx [TJX 38.47 -0.29 (-0.75%) ] and American Eagle [AEO 16.205 -0.225 (-1.37%) ] also raised their forecasts. MasterCard [MA 225.30 -22.28 (-9%) ] shares fell after the company posted earnings results that disappointed investors. Its main competitor, Visa [V 84.78 1.26 (+1.51%) ], saw its shares rise after its earnings reports after the bell on Wednesday beat expectations. Royal Dutch Shell [RDS 0.1 -0.01 (-9.09%) ] shares also fell after the company said it was being hurt by slow oil demand and abundant supply that it expected to continue through 2010. RELATED LINKS Current DateTime: 08:54:28 04 Feb 2010 LinksList Documentid: 35232001 Euro Shares Suffer Biggest Fall in 10 WeeksAsia Stocks End Lower, Toyota Extends SlideGold Falls to 3-Month Low as Euro SlipsOil Slips Below $74 on Weekly Jobless ClaimsEuro Breaks Below $1.3800 Level vs Dollar Monster Worldwide [MWW 13.22 -3.20 (-19.49%) ] is buying the HotJobs site from owner Yahoo, [YHOO 15.30 -0.16 (-1.03%) ] leaving Monster with only Careerbuilder.com as a major competitor in the online job-posting market. Still to Come: FRIDAY: Earnings from Aetna and Tyson Foods Send comments to cindy.perman@nbcuni.com. © 2010 CNBC.com
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 3.
#1. To: All (#0)
Posted by Brian S (laughing)
Golly gee, Brian S and GO65 have no commentary about this. I wonder why.... (laughing)
Try pinging them, pea brain.
#4. To: Fred Mertz (#3)
Did that earlier ethel. You never have been very bright, as this demonstrates. And we both know they looked in.
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