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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Dive At Opening

Wall Street dropped sharply at opening this morning as markets responded to worse-than-expected unemployment news released today.

In the first 20 minutes of trading, the Dow is down 155 points, or about 1.8 percent.

The broader S&P 500 and the tech-heavy Nasdaq are both down about 2 percent.

National unemployment rose from 9.4 to 9.5 percent this morning, as employers slashed 467,000 jobs from the economy in June, a greater-than-expected number, The Post's Neil Irwin reports.

In an interview on CNBC moments ago, Christina Romer -- President Obama's chief economic adviser -- said the president is committed to "doing whatever it takes" to turn around the economy and did not rule out a second stimulus plan.

Unemployment now stands at a 26-year-high. The Ticker will dive deeper into this topic later today.

-- Frank Ahrens
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By Frank Ahrens  |  July 2, 2009; 9:52 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, s&p 500, unemployment  
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Next: Actual Unemployment Rate Rises To 16.5%

Comments

What? I thought Obama and Romer told us that the economy was getting better? What happened to the "green shoots"?

Posted by: jdcw | July 2, 2009 9:59 AM | Report abuse

I think Max Baucus said it best several months ago:

"You created a situation where you cannot be wrong," the chairman of the Senate Finance Committee, Montana Democrat Max Baucus, told Geithner last week.

"If the economy loses 2 million jobs over the next few years, you can say yes, but it would've lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs," Baucus said. "You've given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct."

What scenario will Obama use today????

Posted by: tdl62 | July 2, 2009 10:04 AM | Report abuse

Markets are down because California is declaring de-facto bankruptcy. They are issuing worthless IOU's as payment now.

Californians have no idea of the cr@p that is going to hit the fan.

Posted by: pgr88 | July 2, 2009 10:18 AM | Report abuse

Puff the Magic Negro
lived by the Key
Froliced with the smoking weed
in a land called californie

Little Magic Negro
Had most of the lib-tards fooled
now the numbers have come in
and everyone's a tool

Where our stimulus be democrat socialist party of the high unemployment?

Posted by: charlietuna666 | July 2, 2009 10:28 AM | Report abuse

WashingtonPost's reporters assigned to the WhiteHouse should ask President Obama this simple question:

Why not become the 'Angel Investor in Chief' for small businesses with fewer than 5 or 7 employees?

Bailing out banks did not and will not create millions of jobs.

By the way, point out that Obama provided support for the BANKS affiliated to the Small Business Administration (SBA) - and not the entrepreneurs directly, which again fails to create jobs.

Only NEW businesses can create NEW jobs. 90 percent of job creation is from small businesses, which must be defined as businesses with fewer than 10 people.

The current SBA definition of small business as fewer than 500 employees is the root cause of its corruption.

Posted by: rexsolomon | July 2, 2009 10:33 AM | Report abuse

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