Stocks Spiral Down, Employment Shaky, Dollar Surges
The bears were out in full force Thursday pushing the major indexes sharply lower. Weaker than forecast numbers from the unemployment front and worldwide economic nervousness set off the downward spiral. Safe haven buying benefited the U.S. dollar pushing it sharply higher against its major counterparts. The fear index VIX reacted by surging over 20% on the session as investors scrambled for derivative insurance against further potential declines. The DJIA held directly above the critical 10,000 level, falling -268.37 to 10002.18. The Nasdaq gave back -65.48 to 2125.43 while the S&P 500 lost -34.17 to 1063.11.
^ANF^: Bucked the down trend climbing 3.91% or $1.25 to $33.21/share after stating same store sales climbed by 8%.
^AVP^: Fell 7.06% or $2.30 to $30.30/share despite beating analysts estimates.
^CME^: The world’s largest futures exchange dropped 7.81% or $22.82 to $269.29/share after missing forecast fourth quarter EPS estimates.
^MWW^: The online job site plummeted 12.36% or $2.03 to $14.39/share after Deutsche Bank recommended selling the shares.
Gold was hit hard falling $48.00 to $1064.00, oil dropped $3.80 to $73.18 and the VIX fear index shot higher by 20.74% to 26.08.
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