Dow Slips, But Doesn't Dive, On Bad Jobs News
The phrase you hear on Wall Street at lot is "baked in," as in, "the bad unemployment news this morning was already 'baked in' to the numbers."
Which may explain why, an hour after the Labor Department said the U.S. unemployment has jumped to 7.2 percent, its highest rate since 1993, Wall Street did not dive off a cliff at opening.
In the first 15 minutes of trading, the Dow is down, but only about 70 points, or about .8 percent.
The S&P 500 and Nasdaq are both down a little more than 1 percent.
This despite the Labor report that showed 524,000 jobs were lost in December.
We'll see if Wall Street keeps baking throughout the day.
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