Wall Street Opens Weakly Again
The markets opened lower this morning as they digest some more bad economic news; chiefly, the surprise jump in jobless claims to 16-year highs. Back-testing, that puts us at 1992, a recession. The question is how far back/how low will we go? The 1982 recession? The stagflation '70s?
For those who thought Dow 8,000 was the floor, well, you were wrong.
In the first 15 minutes of trading, the Dow is down about 160 points, or 2 percent, dropping through the 8,000 floor to less than 7,900 points.
The S&P 500 and the Nasdaq are both down more than 2 percent.
-- Frank Ahrens
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