Stocks Headed For Crash

The Labor Department just reported at 8:30 AM, that the U.S. unemployment rate jumped to 6.1% in August from 5.7% in July and the news is not good for stocks. We are looking at a very weak open and possibly another triple digit decline again today.

U.S Stocks had been holding up well in the last few weeks, as the bad economic news focus had shifted to Europe. The U.S. was being seen as possibly being on the road to recovery, while the Eurozone was seen as just starting to sink into its own economic malaise. As a result, the dollar was rising and stocks were holding up, if not being dragged up in the dollar’s upswing. This unemployment rate numbers just reminded us again that all is not well here as well.

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September 5, 2008 | Filed Under Economy 

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