Courtesy of John Nyaradi.
Stock market looks like a turkey as a major sell off rings in Thanksgiving weekend.
Major U.S. indexes (NYSEARCA:SPY) declined sharply all day and especially into the close as European worries and tepid data set the pace for a thin pre-holiday session.
Economic news from at home and Europe (NYSEARCA:EFA) were less than positive and sent the Euro dollar (NYSEARCA:FXE) lower on a weak bond auction in Germany (NYSEARCA:EWG) and spreading worries of contagion in the ongoing financial crisis on the Continent.
At home, weekly jobless claims showed an increase of 5,000 to 393,000 total while Durable Goods Orders for November fell -0.7%.
A manufacturing report from China, the HSBC Manufacturing Survey, came in at 48, indicating contraction in China’s (NYSEARCA:FXI) economy.
The S&P 500 (NYSEARCA:SPY) logged its sixth straight decline, losing 2.2% for the day.
Bottom line is that the global economy remains in perilous condition and risk remains high.
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