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 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

More C&L Coverage

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. Please note that the ability to comment with a C&L site account is no longer available.

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.

Please Do Not Use the Login Link at the Top of the Site.

In order to comment you must use an Insticator account. To register an account, enter your comment and click the post button. A dialog will then appear allowing you create your account.

We will be retiring our Crooks and Liars user account system in January, 2021.

Thank you.
C&L Team