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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September 30, 2009; 9:52 AM ET
Categories: The Ticker | Tags: ADP, Dow Jones, GDP, gold, nasdaq, s&p 500
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Posted by: jaxas | September 30, 2009 10:18 AM | Report abuse
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