Stock Market Suffers on Thursday
July 2, 2009 by Stephen Kersey
Filed under Business
The stock market didn’t have a good day on Thursday. Almost every major index was down. Investors obviously felt uneasy and it showed in the indexes.
The Dow Jones industrial average fell about 2.6% to finish at 8,280.7. The S&P’s 500 dropped 2.9% to land at 896.4. The Russell 2000 was down almost 4% to 497.2, while the Nasdaq index was down 2.7% and finished at 1,796.5.
Why did the stock market suffer? Many experts are pointing squarely at the unemployment numbers. The United States Labor Department said that more than 465,000 jobs were lose in the month of June. With experts predicting about 360,000 job losses, that number was definitely worrisome.
With the nation’s unemployment rate rising from 9.4% to 9.5%, investors are worried that many industries simply won’t have the consumers necessary for a complete rebound.
With a forthcoming long weekend, it will interesting to see how the markets react once trading begins once again. Some experts are fearful that many investors will begin selling at a fast pace coming off of the long weekend.
Wall Street (Image: Flickr)
