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

Stocks Down in Morning Trading

Wall Street has turned negative after opening up slightly this morning, bolstered by a second-quarter GDP number that was revised upward, though it is still negative.

In the first 20 minutes of trading, the Dow is down 62 points, or 0.6 percent.

The broader S&P 500 is down by the same amount and the tech-heavy Nasdaq is off about 0.64 percent.

The ADP private-sector jobs report for Septembers showed the fewest monthly job cuts since summer 2008, though more jobs were cut than expected. Also this morning, second-quarter GDP was revised upward from minus 1 percent to minus 0.7 percent.

Forecasters are expecting GDP to finally turn positive again in the third quarter, which begins tomorrow.

Also this morning, gold is trading above $1,000 per ounce again, raising concerns about long-term devaluation of the dollar. You can read a piece I did last week on this topic by clicking here.

-- Frank Ahrens
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By Frank Ahrens  |  September 30, 2009; 9:52 AM ET
Categories:  The Ticker  | Tags: ADP, Dow Jones, GDP, gold, nasdaq, s&p 500  
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Next: IMF: Global Economy Has 'Turned the Corner' But Troubles Remain

Comments

Alas, it seems the better the economy looks the worse the DOW does. I am beginning to smell a big fat rat here. I have to wonder if scolds like Rick Santelli and other marketeers are trying to drive the market downward to satisfy their leader's edict that Obama must fail.

Yes. W e all know that the very same people who brought on this financial collapse are dedicated Limbaugh dittoheads who are fully willing to act against their own self interest to carry out Limbaugh's dark edicts.

Posted by: jaxas | September 30, 2009 10:18 AM | Report abuse

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