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Originally posted by Agent_USA_Supporter
Whats this? CNN Live Now Claims that american Markets are going to open on a higher note and that its positive i dont think soedit on 11-8-2011 by Agent_USA_Supporter because: (no reason given)
NEW YORK—U.S. stock futures turned sharply lower, erasing earlier strong gains, as Cisco Systems' encouraging results couldn't distract investors from concerns over European debt ratings and gloom about the U.S. economy for long, especially with jobless claims data on tap.
About 90 minutes before the opening bell, Dow Jones Industrial Average futures had lost 88 points to 10637, or nearly 300 points below the overnight highs
One bank in Asia has cut credit lines to major French lenders while five other banks in Asia are reviewing trades and counterparty risk as worries about the exposure of French banks to peripheral euro zone debt mounts, banking sources told Reuters on Thursday.
WASHINGTON (MarketWatch) - The number of people who applied for unemployment benefits dropped by 7,000 last week to a seasonally adjusted 395,000, the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 402,000 from an original reading of 400,000. Economists surveyed by MarketWatch had expected new claims to rise to 410,000 in the week ended Aug 6. The average of new claims over the last four weeks, viewed as a more accurate gauge of employment trends, fell by 3,250 to 405,000, the lowest level since mid-April. Meanwhile, the Labor Department said the number of people who continued to receive state unemployment checks decreased by 60,000, to 3.69 million, in the week that ended July 30. A total of 7.48 million people received some kind of government benefit in the week ended July 23, including 3.70 million longtime unemployed who get extra federal benefits. That was down nearly 90,000 from the prior week.
The U.S. trade deficit unexpectedly widened in June by a record $7.9 billion as imports rose and shipments abroad declined.
The $49.9 billion gap was the biggest since October 2008 and followed a $42 billion shortfall in May, Commerce Department figures showed today in Washington. Exports dropped by the most in more than a year.
Stocks plunged after the report, extending a global slide, on growing concern the recovery worldwide was slowing as a report showed output in China cooled and the leader of the Bank of England said U.K. growth will be weaker than previously forecast. Today’s trade data also signaled the U.S. economy slackened more than currently estimated last quarter.