DJIA drops 87 (0.8%) to 10366, S&P 500 loses 9 (0.8%) to 1099.92, Nasdaq Comp drops 12 (0.5%) to 2173. Financials suffer worst losses. Stocks were flat most of the day, before late plunge; might just be nerves ahead of tomorrow’s monthly jobs report.
Weekly jobless claims dip another 5,000, but continuing claims rise. ISM services index slips into contraction territory. Comcast finalizes deal to buy NBC Universal.
There is an awful lot of stuff floating around in the market. There was that offhand comment from White House press secretary Robert Gibbs, in response to a question about tomorrow’s jobs report, that the unemployment rate could rise. Immediately, people started wondering, what does the White House know?
There was a headline that crossed the tape late in the session, quote St. Louis Fed president James Bullard, who said a high unemployment rate might not preclude the Fed from raising interest rates.
But like I mentioned yesterday, stocks, and the S&P 500 especially, are at a pretty critical juncture technically, and it’s going to take some effort to push them past this. And if tomorrow’s jobs report comes in weak, it will add a bucket of gas to that little pile of smoldering twigs over there in the corner.