Posted By RichC on February 4, 2010
The Dow Jones Industrials moved down over 270 points on Thursday as the economy stumbles yet again despite the promises of recovery from those spending taxpayer dollars in Washington. The move from equities by investors and traders is likely due to a rise in U.S. unemployment claims (up 8000 last week or 480,000 new claims) and rising debt levels in European nations. The daily news and their concerns overshadowed the productivity improvements and the increase in factory orders which Americans have been pinning their hopes on in 2010. The Dow fell 270.64 to 9999.91 making it the biggest slide since October 30th of last year. The gains from earlier in the week were quickly erased and the psychological 10,000 barrier looks to have been broken again. The broader markets were down as well as was the tech oriented Nasdaq composite (down 65.48 to 2125.45).
The news for me and my company was equally glum this week as I search for signs of recovery. While meeting with a couple old clients this week, one told me about their moving offices to smaller facilities and focus on cutting costs. Another customer/friend I met with this week in Cleveland shared with me his companies bankruptcy plans — although his focus is on functioning as a new corporation and working with supplies who will extend credit? I’m not so sure how much I’m willing to gamble, even though the work is badly needed? I’m finding it difficult to be positive.