Stocks Drop on Wall Street
It's been a tough summer on Wall Street, and it turns out the roller-coaster ride isn't over.
Dow Jones: -253 points
Nasdaq: -66 points
S&P: -30 points
Or as CBS puts it: "Five stocks fell for every one that rose."
It may have something to do with the government's announcement today that no new jobs were added in August. Brad Sorensen, director of market and sector analysis at Charles Schwab & Co., told the Wall Street Journal's MarketWatch the stock market's figures may reflect this.
“The story it’s telling is August was pretty weak. The debt debate in Washington hurt business confidence, and they cut back on their hiring."
So, are we on the verge of another recession?
Reuters thinks maybe not:
The stock market has a poor record of predicting U.S. recessions and is likely sending false signals again, according UBS strategists, who expect the S&P 500 index to post double-digit gains by the end of 2011.
We have our fingers crossed, Reuters...
But - in the meantime- good news for those with gold: gold has risen $48 and is now up to nearly $1,900 an ounce, according to CNNMoney. Could the new 401K be a safe filled with gold bricks? (Not financial advice... just wondering...)
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