Stocks Plunge Anew on Recession Worries

Associated Press

Transcript

volatility returned to wall street with traders catching a case of post-election nerves late in the session investors again anxious about a recession sent stocks tumbling on uncertainty over what impact a barack obama presidency will have there's also continued anxiety about the overall economy i think it started off as a bit of attempted profit taking from yesterday's very strong advance in the market but then it got accelerated as we had weaker than expected adp payroll data as well as the institute for supply management survey uh indicating that this economy is a lot weaker than people had expected and as a result now the reality is the new president-elect will have an awful lot to to handle the day he gets sworn in the market was expected to give back some gains after a six-day run up the lift of the standard and poor's 500 index more than 18 percent but investors lost some of their confidence about the economy and began dumping stocks again ahead of october's unemployment report well the expectations is that we could see a two hundred and twenty thousand uh person drop from the payrolls probably see a rise to 6.3 percent in unemployment so if we get a number that's in line or maybe even a little bit lower than that then i think the market would breathe a sigh of relief if we get something that shows that you know maybe 250 000 jobs that are lost then i think people are going to worry that maybe this recession will be deeper than the one percent that is currently projected the dow finished the day down 486 points at 9 139 broader indicators also plummeted the standard and poor's 500 index fell 53 points to 953 and the nasdaq composite dropped 99 points to settle at 1681. wednesday's trading which followed a 300 point drop in the dow tuesday showed the market is living up to expectations of continued volatility as it tries to recover from the devastating losses of the last two months mark hamrick the associated press

Pelosi pushes second stimulus; 200K jobs expected lost Friday

CBS

Transcript

so much for that election day euphoria stocks are back on the downside and investors are focused again on the realities of the crippled economy some lawmakers are too speaker of the house nancy pelosi said she'll try to push through a second economic stimulus plan in a special session later this month democrats want the package to help create jobs through construction projects and allow people to extend their unemployment benefits if they can't find a job rising unemployment is one of the top concerns on wall street if people aren't working they're not spending and the economy starts running out of gas traders are already worried about the labor report due out on friday it's expected to show another 200 000 jobs lost more unemployment means fewer people shopping for houses and high mortgage rates are also chasing away buyers a trade group says the number of mortgage applications filed last week fell 20 percent the economic downturn has hammered most of the retail industry but a rare exception came from polo ralph lauren the luxury clothing company said profit jumped 40 percent in the last quarter that's mostly because of strong sales in europe and at its discount outlets in new york i'm alexis christophers you