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Another wild day on Wall Street witnessed yet another jump on major composite indexes. The NASDAQ led the way with a 2.09 percent (49.71 points) charge. The Dow Jones (1.38 percent, 148.65 points) and the S&P 500 (1.37 percent, 15.88 points) also carried gains, but were far below the NASDAQ.
Unfortunately, the momentum from yesterday did not carry over into today. Stocks slipped at the bell as markets generally settled from yesterday. After some investment indecision in the first hour of trading markets have rebounded positively. The outlook for the rest of the day does not seem to indicate any major surge on the horizon.
According to Reuters, one factor in the morning dip that will hold back investment during the day is the most recent job data. Jobless claims for the week ended May 8 dropped by 4,000, but the small drop was less than many had hoped for. In an economy still struggling to build up steam the continued lag in employment is dead weight on our recovery.
What's going on is a growing sense that the trillion dollar bailout of Europe cobbled up last weekend will not be sufficient, and for that matter, another trillion might not solve it, so I expect the world's leading financial 'experts' will be busy this weekend debating how many zeroes to push this way or that to solve the global financial collapse.
Originally posted by TheCoffinman
5 biggest unions in romania are threatening general strikes, spain's 2 largest unions are threatening general strikes, Greece union's have another general strike on the 20th.. UK unions are threatening greek style protests.. portugal unions have threatened strikes... damn its getting interesting...
The debt mountain that brought down some of the world's biggest banks has shifted to governments. And it's spreading.