Read time: 1 minute

Shares Fall As Wall Street Starts To Understand: There's No Real Recovery

First, there's this technical definition that says there's a recovery. Why? Because some rich people are getting richer? If the economy doesn't serve

First, there's this technical definition that says there's a recovery. Why? Because some rich people are getting richer? If the economy doesn't serve the broadest group of citizens and there aren't jobs for people who want them, what kind of recovery is that? Perhaps this is why economists are so often confused.

Maybe, as Atrios says, somebody should do something?

A slowdown in American manufacturing and weak employment data sent stocks lower on Thursday as investors continued to absorb news of a weak economic recovery.

The separate reports from the Federal Reserve and the Labor Department were a fresh reminder of the slow pace of the recovery. Manufacturing, in particular, had shown tentative signs of a rebound in recent months.

The reports were enough to reverse the upward trend of the previous two days, when the market rose 1.1 percent.

“You had a one-two punch in one day,” said Doug Roberts, chief investment strategist for the Channel Capital Research Institute.

The result was a broad sell-off. The Dow Jones industrial average fell 144.33 points, or 1.39 percent, to 10,271.21. The broader Standard & Poor’s 500-stock index declined 18.53 points, or 1.69 percent, to 1,075.63, and the Nasdaq composite index fell 36.75 points, or 1.66 percent, to 2,178.95.

Financial, materials and industrial stocks all fell more than 2 percent.

Can you help us out?

For 16 years we have been exposing Washington lies and untangling media deceit. We work 7 days a week, 16 hours a day for our labor of love, but with rising hosting and associated costs, we need your help! Could you donate $20 for 2020? Please consider a one time or recurring donation of whatever amount you can spare, or consider subscribing for an ad-free experience. It will be greatly appreciated and help us continue our mission of exposing the real FAKE NEWS!

More C&L Coverage

Comments

NOTE: We will be changing to a new commenting platform in the next couple of weeks. We will supply more details as we get closer to the change. We understand some users are having problems with comments loading and this will hopefully remedy that problem

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.