Friday, August 05, 2011

Good News for Wall Street?

The Dow Jones Industrial average fell over 500 points yesterday afternoon in one of the worst days on Wall Street since October 2008. It was unbelievable watching every major stock option collapse by 5% or more as the bell rang.

However, we do have some limited good news today: over 100,000 jobs were added last month and the rate of unemployment did decrease to 9.1%, which might lead to Wall Street reversing its two week long downfall, at least for the time being.  

I do not expect miracles, but perhaps we will see the Dow gain 50 or so points today instead of losing hundreds upon hundreds with no end in sight.

What say you?

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