U.S. stocks tumble with darkened view of jobs report in mind

“U.S. stocks tumbled on Wednesday for a second session as data on U.S. private-sector job growth darkened views of the monthly nonfarm-payrolls report to be released in two days,” Kate Gibson reports for MarketWatch.

“‘More attention is being brought to the economic data, so everyone can play Nostradamus and guess what the Fed’s next move will be,’ Mark Luschini, chief investment strategist at Janney Montgomery Scott, said of ongoing guessing as to when the Federal Reserve would begin tapering its $85 billion in monthly bond purchases,” Gibson reports. “Stock indexes remained deeply under water after the release of the Fed’s so-called Beige Book, which found the U.S. economy to be still growing at a ‘modest to moderate’ pace. ‘In the past few weeks, good news is bad, and bad news is bad, as we started to see talk of the tapering come through,’ said Sean Lynch, global investment strategist for Wells Fargo Private Bank.”

Gibson reports, “Apple Inc. shares shed 0.9% after the International Trade Commission found the iPhone maker infringed on a Samsung Electronics Co. patent, with Apple facing a possible import ban on some products… The Nasdaq Composite fell 43.78 points, or 1.3%, to 3,401.48. For every share rising, four fell on the New York Stock Exchange, where 738 million shares traded. Composite volume approached 3.6 billion. Revised government figures showed productivity rising 0.5% in the January-to-March period, and hourly compensation falling 3.8%. Wednesday’s data came ahead of Friday’s nonfarm-payrolls report, and added credence to the view that a soft labor market would extend the time frame before the Federal Reserve begins tapering its bond purchases.”

Read more in the full article here.

31 Comments

  1. FACT: the unemployment rate drops because people stop looking for jobs, not because there are more jobs! It’s based on unemployment claims, not job stats. If a person’s unemployment runs out, and they stop looking for work, guess what? They r no longer counted as unemployed in the stats. That’s the voodoo math that elects incompetents like Obama! The actual un/underemployment rates are astronomical with minorities being most hard hit with the most anti-business president in history at the helm. Steve new it, and no one listened cuz America is drunk on entitlements!

    1. Attention partisan troll, nothing you say is grounded in reality.

      Your brain is obviously small and overloaded with partisan propaganda. You are incapable of reasoned thought. When you speak, it is little more than right-wing word vomit.

      You are drunk on stupid.

      1. Everything he said is based on reality. If you were not brainwashed by the vast left-wing media and it’s love affair with Obama you would know that what he said is true. You are obviously stuck on stupid. But it’s not entirely your fault. If you only get your news from places like CNN, MSNBC, NPR, ABC, CBS, NBC, the NY Times, etc., you are not getting the full story, there is not doubt about it.

        Fact: Over the past few weeks, four major scandals have broken over the Obama administration, and it is a very sad (and frightening) truth that our pathetic, American, lapdog mainstream media is not responsible for breaking even a single one. That doesn’t even include the story about the Justice Department targeting a Fox News reporter.

        YOU are the one who is brainwashed, only you are too stupid and misinformed to know it.
        The widespread left-wing media bias in this country is an affront to democracy itself!

    2. @iMaki

      Yes what you say is true. The unemployment rate is based on unemployment claims, not job stats. Wrong that this has anything to do with Obama. It has been this way under Bush too. There is plenty to blame Obama for, but this is not one of them. Get your facts straight.

    3. simple, service job increased little bit. this number shows that the whole economy seems to improve. but it’s not. professional job hunting is not still easy though.

    1. We had a chance to elect a pro-growth president like Mitt Romney, and now the country is continuing to pay for it. Just look at the latest jobs report. I’ve lost all hope of fiscal sanity for this country.

  2. If everyone gets half a job and picks up a second half job to make ends meet then the number of employed doubles. Not the personal total income. If they start reporting the incoming payroll taxes, then we will see the real state of employment.

    You all are being played.

  3. What does this story have to do with technology or the Mac? Well, nothing except for increasing traffic by inciting the typical user at MDN, the Tea Party thumpers.

      1. “what does a collapsing economy have to with technology? hello?”

        Wow? A two part loaded question. What collapsing economy?

        You mean unemployment going from 5 to 8% in less than a year and continuing to rise for another year, banks failing and requiring a bailout, car companies failing and requiring a bailout, the stock market collapsing to 6600 points from over 14000 – that would be Bush. That’s the condition George W. Bush and the republicans left the US in.

        Since your 2+2=3 logic is having problems sticking to reality, you have no choice but to resort high school personal attacks. You must be the leader of your local Tea-Party. Be proud.

          1. There you go again, 2+2=3. Reign of terror? – double WOW. You can’t even bring yourself to say Bush. I suppose Obama inherited a booming economy with 4.5% unemployment rate, a stock market over 14k and budget surpluses.

            That’s what you get for listening to Beck and Rush – made a fool of.

            Oh my GOD,

            LOOK BEHIND YOU!

            1. You’re telling the world you’re that backward on your own? I don’t believe it because if you were, you won’t be here discussing this matter rather tripping over your own feet.

              Please tell me what date did President Obama inherit a booming economy with 4.5% unemployment rate, a stock market over 14k and budget surpluses?

              A typical republican tactic is too frame a question, when will you stop blaming the other guy so they don’t have to discuss the point, Bush was responsible.

  4. This was bound to happen. The recession is ending, but ending slowly, and the stock market’s excellent recent performance was based on an overly optimistic view of the recovery.

    Personally, I’m holding on to my current stocks and waiting out the storm. I’ll add more stocks when I think this dip has bottomed out.

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