More dismal economic news. But don’t you worry…according to Barry, it’s just a bump in the road.
Stocks fell sharply Friday, posting a sixth straight weekly loss — longest losing streak since the fall of 2002.
The 1.4% drop came a day after the market broke its longest losing streak in more than a year.
The market’s last seven-week stretch of losses began in May 2001, as the dot-com bubble deflated.
Stocks have suffered this month after a raft of weak economic news dampened hopes for a speedy recovery. Traders fear that weaker hiring, industrial output, and a moribund housing market are reversing a bull market that lifted the Dow Jones industrial average 20% the past year.
New unemployment claims spiked by 25,000 last week.
WASHINGTON — The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The big surge was a setback to hopes that layoffs were declining.
The Labor Department says that applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.
The forecast had been for claims to fall by around 4,000 from the previous week. The unexpectedly large rise in new claims underscored that even though the economy is growing, improvements in the labor market are coming in fits and starts.
Meanwhile, the Dow
is down almost 300 points. It’s a damn good thing the Democrats passed that stimulus bill last year, huh?