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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: lorne who wrote (85780)7/1/2010 11:27:59 PM
From: Hope Praytochange   of 224750
 
The government said initial claims for unemployment benefits rose by 13,000 last week to 472,000. Economists had forecast a drop in claims. The report comes a day after payroll company ADP said private employers didn't increase hiring as much as expected last month. Other economic news added to investors' concerns. The National Association of Realtors said the number of buyers who signed contracts to purchase homes fell to a new low in May following a rush of purchases to meet an April 30 tax credit deadline. Meanwhile, the Institute for Supply Management said its manufacturing index fell in June but that industrial activity still appears to be steady. The stock market has been sliding on concerns about the economy since hitting its 2010 high in late April. The benchmark Standard & Poor's 500 index dropped nine of the past 10 days. Investors are worried that they were too quick to bet on a rebound after major indexes plunged to 12-year lows in March 2009. The Dow fell 41.49 to 9,732.53. It was the lowest close since October 2009. It was down as much as 152 points in late morning trading. The Dow hasn't dropped six straight days since mid-January 2009. The S&P 500 index fell 3.34 to 1,027.37. The Nasdaq composite index fell 7.88 to 2,101.36. The Dow dropped 10 percent for the April-June quarter, while the S&P 500 index fell 11.9 percent.
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