Courtesy of John Nyaradi
Stock markets broke down today in response to ZERO job growth in August.
Markets crashed and burned today as investors fled the scene after The August Non-Farm Payrolls report stated that the economy added no new jobs in August.
The “no new jobs” verdict put the cherry on top of the rest of the week, where markets started out strong but then collapsed due to the dismal August ISM Report, and July Construction Spending.
To further complicate matters, The Federal Housing Finance Agency sued 17 major banks that allegedly had problems with mortgage securities. Barclays, Bank of America, and Citigroup top the list of banks sued.
And, to end the week on a worse note, today is September 2nd, and Tuesday, September 6th, will could be the beginning of “scary September” and a volatile session after the long weekend.
Commenting on Labor Day, Robert Reich has some very interesting comments.
Stock Market Summary:
DJIA: (DIA) -253.31; -2.20%
NASDAQ (QQQ) -1.28; -2.35%
S&P 500: (SPY) -3.09; -2.55%
Russell 2000 (IWM) -2.63; -3.70
Have a great evening and wonderful Labor Day Weekend, wherever you may be, and brace yourself for Tuesday.
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