Stocks Smack Down, Jobless Spikes, Recovery Stalls
The expected patriotic rally failed to materialize on this last trading day of the shortened fourth of July trading week. Stocks were smacked down hard on surprisingly negative jobless numbers. The unemployment rate soared to 26 year highs indicating that the recovery may have stalled. The DJIA plummeted -223.32 to 8280.74, the Nasdaq retreated -49.20 to 1796.52, the S&P 500 fell -26.91 to 896.42.
Monster Worldwide
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PowerRating) – The online job search firm led the S&P 500 lower falling 8.66% or $1.05 to $10.96/share on the negativity of the job report.
Elan Corp
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PowerRating) – Johnson & Johnson agreed to buy a stake in the Irish drug maker sending shares higher by 9.00% or 63 cents to $7.63.
Robert Half
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PowerRating) – The staffing service suffered from the jobless spike falling 7.51% or $1.77 to $21.81/share.
Illumnia
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PowerRating) – Dropped 12.27% or $4.68 to $33.46/share after the DNA analyzer instrument maker said it would miss its forecast.
Gold dropped $10.30 to $931.00, Oil gave back $2.58 to $66.46 and the fear index VIX spiked 6.60% to 27.95 as traders scrambled to buy derivative insurance for the long weekend.
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