US stocks slump to six-year low after grim jobless data

[I AM NOT THAT GUY 5,715]

US stocks closed at six-year lows Thursday after data showed five million people were collecting unemployment benefits, a record high number that underlined the growing depths of the recession.

The Dow Jones Industrial Average sank 89.68 points (1.19 percent) to 7,465.95 at the market close.

The tech-dominated Nasdaq dropped 25.15 points (1.71 percent) to 1,442.82 and the broad-market Standard & Poor's 500 index shed 9.48 points (1.20 percent) at 778.94, according to preliminary closing figures.

Continuing claims for unemployment benefits rose by 170,000 to 4.987 million for the week ending February 7, another all-time high, the Labor Department said.

"Continuing claims are at a record high. They underscore the difficulty in finding a new job at this juncture and make it apparent for many people why they should be saving more money if possible," said Patrick O'Hare of Briefing.com.

"The increased propensity to save bodes well for consumer balance sheets, but it will be a drain on GDP since increased savings means less spending by the consumer," he said.

http://www.breitbart.com/article.php?id=CN...;show_article=1

[Ban Hammer 13,337]

dang i sure hope obama can do something about this once he takes office!

[SMOKE 1,426]

i use to have dollars...now i have change. GOBAMA!

[Teacher Mark 53]

8 years of failed policies coming home to roost.

[Mrs.Walker 0]

dang i sure hope obama can do something about this once he takes office!

Obama has been in the white house less than a month and everything he has tried to do the republicans fight it. A you kidding me with you crazy comments, he is doing something about it. It took us 8 yearsto get in this mess and you want him to clean t up in 30days???

[Teacher Mark 53]

dang i sure hope obama can do something about this once he takes office!

Obama has been in the white house less than a month and everything he has tried to do the republicans fight it. A you kidding me with you crazy comments, he is doing something about it. It took us 8 yearsto get in this mess and you want him to clean t up in 30days???

He could resolve all of the problems tomorrow and this pack would still find something to whine about. They are still grieving after all.

Five Stages Of Grief

* 1. Denial and Isolation.

* 2. Anger.

* 3. Bargaining.

* 4. Depression.

* 5. Acceptance.

[Pinocchio Liberal 268]

dang i sure hope obama can do something about this once he takes office!

Obama has been in the white house less than a month and everything he has tried to do the republicans fight it. A you kidding me with you crazy comments, he is doing something about it. It took us 8 yearsto get in this mess and you want him to clean t up in 30days???

Geez, cant wait for the extra eight bucks a week im gonna be gettin! GOBAMA! That should get the economy going.

[Ban Hammer 13,337]

dang i sure hope obama can do something about this once he takes office!

Obama has been in the white house less than a month and everything he has tried to do the republicans fight it. A you kidding me with you crazy comments, he is doing something about it. It took us 8 yearsto get in this mess and you want him to clean t up in 30days???

you mean those were empty promises he made?

[Dan J 277]

i use to have dollars...now i have change. GOBAMA!

And the people of Iraq and Afghanistan Thank You. So do the executives of energy, defense and finance companies.

[SMOKE 1,426]

i use to have dollars...now i have change. GOBAMA!

And the people of Iraq and Afghanistan Thank You. So do the executives of energy, defense and finance companies.

maybe they should thank Clinton for not taking Osama out when he had multiple chances.

[Pinocchio Liberal 268]

Sums it up!

http://www.cnbc.com/id/15840232?video=1039849853

[Peikko 1,575]

Ah, that reminds me...

[Dan J 277]

i use to have dollars...now i have change. GOBAMA!

And the people of Iraq and Afghanistan Thank You. So do the executives of energy, defense and finance companies.

maybe they should thank Clinton for not taking Osama out when he had multiple chances.

And that justifies spending money in Iraq and Afghanistan how?

[tallcoolone 102]

I didn't vote for Obama

I think he's and poor choice for President and has no leadership.

The market hates him, the stock market drops every day he is in office

He sure hasn't been positive so far for the USA

[Marilyn. 340]

I doubt things would be any different if McCain was president

Edited February 19, 2009 by *Marilyn*