Wall Street to open lower as labor market recovery stalls

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.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US: Wall Street opens lower as labour market recovery slows[NEW YORK] Wall Street's main indexes opened lower on Thursday after data showed high levels of weekly jobless claims, while technology-related stocks resumed their slide with Apple and Amazon.com among the biggest drags on the Nasdaq. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Wall Street steady before Fed; tech stocks under pressureThe S&P 500 and Dow Jones indexes rose on Wednesday on hopes that the Federal Reserve would continue to keep interest rates low for a prolonged ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »