Wall Street takes another slide as disappointing employment data and a contraction in manufacturing activity fuel fears of a recession.
Wall Street took another slide on Wednesday, just two days into the new quarter, as disappointing employment data andThe Dow Jones Industrial Average dropped by around 525 points, or 1.97 percent, on Wednesday morning, wiping out all gains for the third quarter. The S&P 500 suffered a similar fate, falling 1.85 percent and erasing any yield for the last quarter. The tech-heavy Nasdaq lost 1.75 percent as Amazon, Apple, and Microsoft fell.
President Donald Trump blamed the Democrats for the market sell-off, tweeting that"impeachment nonsense" was driving down"the Stock Market, and your 401K’s." All of this impeachment nonsense, which is going nowhere, is driving the Stock Market, and your 401K’s, down. But that is exactly what the Democrats want to do. They are willing to hurt the Country, with only the 2020 Election in mind!Employment data from private payroll company ADP released Wednesday morning revealed job gains of just 135,000 for the month of September.
declines extended into the fourth quarter after a key gauge of factory activity released Tuesday revealed the biggest slowdown in manufacturing output in a decade. Economists and investors have pointed to uncertainty around trade as a reason for supply chain disruption and stalled capital spending.will be closely watched for further indication of a manufacturing slowdown in terms of job losses in that sector.
“The weakening conditions in Europe and the slowdown in China is all adding up to the same thing: worries that the global economy is slowing,” Robert Pavlik, chief investment strategist manager at SlateStone Wealth, told Reuters.
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