Stocks Get Slammed on Recession Fears (AAPL, AKS, BA, BAC, BP, C, COP, FDX ...
(TradersHuddle.com) – Stocks closed sharply lower, posting their worst single session percentage decline in 2-weeks on increased recession fears. The dismal jobs report spurred a risk-off trade. The flight to safety received a boost following the report that showed there was zero job growth in the U.S. economy.
The Dow Jones Industrial Average fell 253.31 points, or 2.20%. The S&P 500 index lost 30.45 points or 2.53%, while the NASDAQ tumbled 65.71 points, or 2.58%.
For the week, the blue chip index lost 0.39%; the S&P 500 Index fell 0.24% and the NASDAQ added 0.02%.
The market started under heavy pressure amid weak overseas performance on recessionary fears and after the Labor Department report on employment for the month of August showed that zero jobs were created in the U.S. economy, well below expectations and the first time the report shows a zero since 1945. The dismal report added to concerns over the health of the recovery and speculation the developed economies might be heading to a recession.
In Asia, stocks fell sharply, but still were able to close the week with significant gains, as participants turned cautious and went into profit taking mode ahead of the U.S. jobs report. In Japan, the Nikkei fell 1.2% as it received additional pressure from machinery makers, which tumbled in the session, after data showed domestic firms unexpectedly cut capital expenditures in the second quarter due to a stronger yen and slowing global demand, Japanese economists were expecting a rise of 1.2%.
In Europe, equity markets tumbled snapping their 4-session winning streak after U.S. employment data added to fears that the global economy is slowing down as developed economies might slip into a double dip recession. Stocks accelerated their decline after the report in the U.S. but had already being under pressure on the usual suspects of economic and euro zone debt crisis concerns. Famed economists Nouriel Robini said in an interview from Italy that the major developed economies were stuck at the “stall speed” of low growth and need to have greater fiscal stimulus and less austerity to kick-start growth.
New York Stock Exchange Holiday Schedule - News
Altera (NASDAQ: ALTR) and Kroger (NYSE: KR) are the only S&P 500 components currently on the schedule to report earnings this holiday-shortened week. Analysts on average expect the semiconductor maker to post earnings that are a nickel
A trader works on the floor of the New York Stock Exchange on Friday, Sept. 2, 2011 in New York. The jobs report was the weakest in almost a year. It renewed fears that the US might slip back into recession.
What's open on Labor Day: retail stores, liquor stores, supermarkets, convenience stores, taverns and bars, busses and trains run on a Sunday schedule. 3. What's closed: banks, stock market, municipal, state and federal offices, libraries,
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Rival UPS (NYSE:UPS) outperform the broad market index but still fell 1.59% to $65.61. The stock traded as high as 66.20 after Credit Suisse upgraded its rating to Outperform from Neutral. Stocks related with the consumer were also suffering after the
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