Wall Street in Multi-Day Retreat

Adam Samson
Fox Business

The markets took heavy losses for a second day in a row Thursday in a broad-based retreat late in the session. Every major sector closed to the downside.

Today’s Markets

The Dow Jones Industrial Average fell 121 points, or 0.94%, to 12811, the S&P 500 dipped 17 points, or 1.2%, to 1378 and the Nasdaq Composite slumped 41.7 points, or 1.4%, to 2896.

The S&P 500, considered one of the best barometers of U.S. equities, tumbled 2.4% on Wednesday in its worst day on a percent basis since June. The losses added up in late trading on Thursday as well, with the S&P sinking 1.2%.

The focus on Washington, D.C. that has consumed trading desks in the past couple sessions eased somewhat Thursday, with data and European news coming back into the spotlight…

…In commodities, oil prices bounced back after sustaining the worst selloff in close to a year. The benchmark contract traded in New York rose 65 cents, or 0.77%, to $85.09 a barrel. Wholesale New York Harbor gasoline climbed 0.71% to $2.607 a gallon.

In metals, gold gained $12.00, or 0.7%, to $1,726 a troy once…

The complete article is at Fox Business.

DaTechGuy has some business news regarding lay-offs at Nextel, Boeing, and the Danish wind turbine manufacturer Vestas:

Hey, the President has been re-elected, Mission accomplished so all that stuff people have held back on, in the media, in the government, and everywhere else.

Update: Unexpectedly II: Media Now Telling Us Economy May Be Heading Into Second Dip of Endless Recession

This information is so valuable to me on November the 8th! All the problems investors face —from a fiscal meltdown to the various economic woes around the world —add up to one daunting prospect: Another possible recession just over the horizon…

Update 2: You were warned: Obama’s layoff bomb goes BOOM!

 This is just the beginning. In case you missed it, Boeing announced massive layoffs and facilities closures yesterday. More: Small business owners are dropping the axe as they brace for the costs and burdens of Obamacare…

Update 3: Las Vegas Business Owner Fires 22 Employees After Obama Wins

…”…well unfortunately we know what happened and I can’t wait around anymore, I have to be proactive. I had to lay off 22 people today to make sure that my business is gonna thrive and I’m gonna be around for years to come. I have to build up that nest egg now for the taxes and regulations that are coming my way. Elections do have consequences, but so do choices. A choice you make every day has consequences and you know what, I’ve always put my employees first, but unfortunately today I have to put me and my family first, and you watch what’s gonna happen. I’m just one guy with 114 employees — well was 114 employees — watch what happens in the next six months. The Dow alone lost 314 points today. There’s a tsunami coming and if you didn’t think this election had consequences, just wait.”

State Dept. Briefing for Foreign Reporters: ‘We’re Going to Get Downgraded’

An economic analyst invited by the State Department to brief a group of foreign journalists on the U.S. economy on Election Day responded to a question from a reporter from the Egyptian newspaper Al Wafd by predicting that U.S. Treasury securities—the means by which the U.S. government finances its debt–will be downgraded again…

Mark Levin:  What if ‘the 57 million’ ‘decide not to produce or provide anymore?’

Update 4:   9,000 mining jobs lost in October

“Since May of this year, employment in mining has decreased by 17,000.”

…If you’ve read Ayn Rand‘s Atlas Shrugged, you appreciate the parallels between today’s disintegrating world and the events depicted in that prophetic novel. Atlas Shrugged is the story ofhow productive people went on strike, withdrawing their services in protest against a society that damned them for being productive and expropriated the fruits of their labor…

Read the whole thing.

Update 5: Layoff bomb detonates; Large corporations join small businesses in announcing mass cuts

“45 companies announce layoff’s in the past 48 hours! This is what the people wanted! The people have spoken!”

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