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

Wall Street Opens Flat on Trifecta of Bad News

Wall Street opened up largely flat, as traders digested worse-than-expected retail, foreclosure and jobless claims numbers.

In the first 15 minutes of trading, the Dow is up about 14 points, or nearly flat.

The broader S&P 500 is up about the same, while the tech-heavy Nasdaq is up about one-third of 1 percent.

A trifecta of bad data came out this morning:

a) New jobless claims jumped to 558,000 last week, higher than the 545,000 expected.

b) Retail sales dropped 0.1 percent in July. Analysts expected a 0.7 percent jump. So much for the cash-for-clunkers bump, most of which probably will come in this month's figures.

c) Foreclosure filings hit a record high in July, up 32 percent from July of last year and 7 percent from June of this year, according to RealtyTrac, which tracks foreclosures.

-- Frank Ahrens
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By Frank Ahrens  |  August 13, 2009; 9:48 AM ET
Categories:  The Ticker  | Tags: Dow Jones, nasdaq, retail, s&p 500, unemployment  
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Next: Recession Pushes More Into Part-Time Work, Discouragement


Jobs report is disappointing, but with many people on vacation in the summer (hiring managers), the numbers may rebound in August. If you're looking - over 800,000 jobs listed

Posted by: blogginnoggin-com | August 13, 2009 11:49 AM | Report abuse

I have been retired for 11 years, i had money in stocks and took it out years ago, after a loss.I put it into CDs that were paying 7% on a 2 year investment. they are now 1.5%. Needless to say my money is now usless. and not invested any where. thus folks as i are not part of the recovery, new car thingS we WANT are out, we buy what we NEED.

Posted by: dv1236 | August 13, 2009 12:26 PM | Report abuse

Gradients drive everything.

K Street and Wall Street have been playing CronyFest end game, carcass carving, not beast building.

In fact, the current politics has been actively discouraging beast building, with its quicksand panic, changing by the minute federal rules. No sane person wants to risk their own skin in this 'new' left wing game, and prepay their own ransom. All this so called 'pump priming', this frantic tribal political 'free-for-some' that is being thrown, is going nowhere we want to be.

Pure end game carcass carving. Obama and the Dems, with a nice send off by an equally clueless sellout GOP, are screwing the constructivist pooch, big time.

The pendulum swings are getting more frantically shorter, but the worse thing we could do is punish the Democrats by rewarding the equally clueless GOP.

We need to devolve centralized, monopolistic power to the point that it doesn't matter what set of penguin armed constructivists are keeping the plumbing of state clean and running; it is exactly what is tubing our economies.

SIngle point of failure, totalitarian solutions are insane. We need to restore federalism(a balance between state and federal power, sane governence), and drastically reduce the size of both distributed centers of power.

If this is 'economy running,' then America doesn't want it.

In America, instead of throwing telethons for paternalistic megalomania, we've been holding elections. We need to go back to a model of governance that reflects the fact that we are selecting state plumbers, -- a very honorable and important function, but not one that compels Americans to live for the plumbing. We need plumbing, but we don't live for it, and that includes, state plumbing. (Another reason to read Ayn Rand; you'll find that pithy observation made by her in 'We the Living.')

It is time to devolve these puppies, they have grown way too big. Monopolists with guns are no less dangerous to freedom than monopolists.

Posted by: Frediano_B | August 13, 2009 1:26 PM | Report abuse

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