“The Dow Jones Industrial Average was down more than 200 points, or over 2 percent, in afternoon trading,” Perman reports. “The S&P 500 and Nasdaq also fell 2 percent or more.”
“The selloff was so severe that decliners outpaced advancers more than 12 to 1 on the New York Stock Exchange. And the CBOE volatility index spiked over 10 percent, topping 33,” Perman reports “Industrials, materials and consumer discretionary were the biggest decliners.”
Perman reports, “US employers added 431,000 jobs to nonfarm payrolls in May, but 411,000 of those were temporary census workers. The private sector added just 41,000 jobs: Manufacturing, temporary help and mining added jobs, while construction declined. That number was also well short of the more than 500,000 economists had expected. The unemployment rate, however, fell to 9.7 percent from 9.9 percent in April. ‘This number is extremely disappointing,’ said Todd Schoenberger, managing director at LandColt trading. However, he said, it should come as no surprise. ‘Considering first time jobless claims have been inching higher over the past four weeks … and GDP came in at a lackluster 3%, American companies are going to be reluctant to hire.'”
Perman reports, “‘The two areas of potential vulnerability for the economy remain payrolls and housing and they’re both staggering a good deal,’ Art Cashin, director of floor operations at UBS, said on CNBC this morning. ‘From a market standpoint, I think we’re going to switch over and start issuing Dow 10,000 helmets!’
Perman reports, “Apple is expected to debut a new version of the iPhone on Monday but the early buzz is that it may not be a dazzler.”
Full article here.
MacDailyNews Take: This “next iPhone not a dazzler” meme is running throughout the mainstream media today. We wonder who paid for today’s FUD-fest?
• Reuters: New Apple iPhone on tap but may fail to dazzle
• The Telegraph: 10 reasons not to buy Apple’s new iPhone 4G
• CNN: As strong rivals emerge, do you really need a new iPhone?
Despite all of this, AAPL is holding up pretty well, trading down just $3.61, or -1.37%, to $259.51.
And so it continues…
Look at the bright side… we’re taking care of that pesky don’t ask don’t tell law, 95% of media representatives agree that Obama isn’t at fault for the gulf oil disaster, California is getting rid of grocery bags, Congress is working feverishly on preparing new legislation to take control of the Internet, we spend more on the interest on the national debt in a few months than the entire cost of the Iraq and Afghanistan wars to date, (oh wait, that’s bad)… the administration will likely push for yet another ineffective trillion dollar pork package masquerading as a stimulus package, that no one can track, the Congressional Budget Oversight folks have finally done the math and figured out the Health Care package will “put extreme stress and demand” on the American economy…
41,000 actual, meaningful private sector jobs vs. 411,000 government jobs. Ouch!
10 new temporary government workers, with taxpayer funded paychecks, for every new private employee. Is that what the stimulus is all about?
If that doesn’t embody what the future holds for this country under Democratic control led by the Obama regime, then I don’t know what does.
The government is eating us alive.
And with that we call the meeting of the Republican Mutual Masturbation Society to order!
Will the Bush catastrophe never end?
<i>Man is not free unless government is limited.<i> – Ronald Reagan
The day of reckoning, Tuesday, November 2, approaches rapidly.
Enjoy your summer, Libs.
“If that doesn’t embody what the future holds for this country under Democratic control led by the Obama regime, then I don’t know what does. “
It doesn’t and you don’t. All of these jobs were lost during the Bush years.
So I guess this site has converted completely to a far right wing political opinion rag. Yes Apple is a public traded company, but we all know what this post is all about. It’s pretty easy to post anything anti Obama. It’s like the 6 degrees of separation. We’re only 2 away from Kevin Bacon. The new catch word “Mainstream Media” pops up here more and more. Fox news started it, and now every righty follows suit.
“Government does not solve problems; it subsidizes them.” – Ronald Reagan
“Governments tend not to solve problems, only to rearrange them.” – Ronald Reagan
What we need is another Ronald Reagan. This time, without the Cold War to win, we’d be debt-free within 8 years!
Stock traders are a bunch of gutless, reactionary pansies.
Artist,
Give it up. Your liberal pie-in-the-sky robin hood bullshit doesn’t work. It never has and it never will. You can’t have a society of takers leeching off an increasingly pissed-off and shrinking group of producers.
Am I doing the math wrong here? Doesn’t 431 – 411= 20?
I miss the days when reporters just reported the news and didn’t force on us their moronic, miopic, and un-wanted opinions!
Well, at least we now have a President who knows what a library is hahaha!!!…..what’s that? President Bush was married to a librarian? Man, he really IS stupid, then!!!
Uh, now what? Oh, Sir Paul never got a degree but Bush did?
Well, anyone can fake a document….from Yale? So what.
From Harvard, too? Man, his daddy must have had to pay a small fortune in bribes to get those…hahahaha!
Anyhow, what good is a business degree from Harvard?
As if anyone of any importance has one…hahaha!!!
How about we just focus on the iPhone part at the end?
Disappointing? Who set the expectations?
I’m thinking back to the original iPhone sales. Had a bunch of “analysts” who predicted it wouldn’t sell at all. Then after it had the massive weekend, some analysts came up with bogus numbers on what Apple was expecting, to make the claim that the huge iPhone sales were somehow disappointing.
I guess I should be disappointed with all automobiles, because they don’t match my expectation of being Star Trek transporters.
Gallup: Obama Weekly Approval Average Dips to New Low
http://www.gallup.com/poll/139337/Obama-Weekly-Approval-Average-Dips-New-Low.aspx
Soon it’ll all be just a bad memory.
“The Middle East is obviously an issue that has plagued the region for centuries.” – Barack Obama, Tampa, Fla., Jan. 28, 2010
“UPS and FedEx are doing just fine, right? It’s the Post Office that’s always having problems.” –attempting to make the case for government-run healthcare, while simultaneously undercutting his own argument, Barack Obama, Portsmouth, N.H., Aug. 11, 2009
“The reforms we seek would bring greater competition, choice, savings and inefficiencies to our health care system.” — Barack Obama, Washington, D.C., July 20, 2009
“No, no. I have been practicing…I bowled a 129. It’s like — it was like Special Olympics, or something.” – Barack Obama, March 19, 2009 (Obama later called the head of the Special Olympics to apologize)
“I’ve now been in 57 states — I think one left to go.” -Barack Obama, May, 2008, Beaverton, Oregon
Mac news? Oh right, there isn’t any.
“95% of media representatives agree that Obama isn’t at fault for the gulf oil disaster,..”–theloniousMac
Facts don’t matter much to you, do they? If you have proof Obama swam down to the well a mile under the sea and somehow sabotaged it, please share it with the public.
Rachel
“Government does not solve problems; it subsidizes them.” – Ronald Reagan
“Governments tend not to solve problems, only to rearrange them.” – Ronald Reagan
What we need is another Ronald Reagan. This time, without the Cold War to win, we’d be debt-free within 8 years!
Um, no. Ronald Reagan increased the federal debt as a percentage of GDP by more than 10% in his first term and more than 9% in his second. And he wasn’t trying to stimulate the economy.
George H. W. Bush increased the federal debt by 13% during his term…George W. Bush increased the debt in relation to GDP by more than 7% in his first term and 20% in his second. To be fair, I would guess the TARP bank bailout bill played a role in the 20% figure.
In contrast, Bill Clinton reduced the federal debt by almost 10% during his time in office.
Facts are Republican presidents have ballooned the federal debt with unpaid obligations, before the economy cratered and before the stimulus package was enacted to counter the downward trend. The whole “Republicans cut spending” meme is fake. No one can cling to it and claim to tell the truth.
Islandgirl,
“…without the Cold War to win…”
You quoted it, but somehow you missed it anyway.
@ Rachel
Bedtime for Bonzo — Ronald Reagan
And you better review your history: Reagan provided tax cuts and increased spending that led to huge deficits. The most recent president who had a budget surplus was Bill Clinton.
First 2010, then 2012
Artist,
Give it up. Your liberal pie-in-the-sky robin hood bullshit doesn’t work. It never has and it never will. You can’t have a society of takers leeching off an increasingly pissed-off and shrinking group of producers.
What the heck are you talking about? Why do you feel the need to fabricate this fake, straw-man diatribe?
Hm…
And don’t forget, Reagan did that with a Democrat House and Clinton did that with a Republican Congress.
I know, details are a bitch….
Rachel
Islandgirl,
“…without the Cold War to win…”
You quoted it, but somehow you missed it anyway.
I missed nothing. I suggest you read the comment from Hm… directly below yours.
President Reagan cut taxes in 1981. In 1982, as a recession and those tax cuts began to cause fiscal problems, he enacted a large tax increase on business, higher payroll taxes in 1983 and higher energy taxes in 1984.
Somehow, Rachel, you “missed” mentioning that.
TowerTone
Hm…
And don’t forget, Reagan did that with a Democrat House and Clinton did that with a Republican Congress.
I know, details are a bitch….
Not sure what you mean about “details are a bitch,” but I think people used to be able to work together for the common good. Of course, we didn’t have quite the 24/7 attack-dog culture we have now.
How’s that Hope and Change working our for you Obama Zombies?
Islandgirl,
He means the congress, not the president, controls the spending and when Republicans were in charge, you got your budget surplus and deficit reductions.
Do you get it now, honey?