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Wall Street to open lower as labor market recovery stalls

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Wall Street's main indexes were poised to open lower on Thursday after data continued to show high levels of weekly jobless claims, adding to ...

REUTERS: Wall Street's main indexes were poised to open lower on Thursday after data continued to show high levels of weekly jobless claims, adding to concerns about an economic rebound a day after the Federal Reserve issued an underwhelming stimulus plan.

"The bulls basically wanted more long term bond buying the fact that the Fed failed to provide that additional upside, investors are a bit more bearish today," said Mike Bailey, director of research at FBB Capital Partners in Bethesda, Maryland. A broader slump in tech-related stocks halted a five-month rally in the benchmark index this month and pushed the Nasdaq into correction.At 8:35 a.m. ET, Dow e-minis were down 320 points, or 1.14per cent. S&P 500 e-minis were down 52.25 points, or 1.55per cent and Nasdaq 100 e-minis were down 263.5 points, or 2.34per cent.

 

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