Posted By RichC on June 4, 2010
U.S. markets close back below 10,000 today as worried investors see debt in Europe and weaker than expected jobs numbers in the U.S. as bearish for stocks. The slight improvement in unemployment was tarnished by the addition of nearly 400,000 government census temporary hires … leaving only 41,000 jobs being added by the private sector. This addition of 431,000 fell far short of the expectations of 515,000 jobs predicted by economists.
For those traveling to Europe this summer (so as long as you’ve already purchase airfare), you’ll see your U.S. dollar stretch a bit further against the Euro which continues to weaken – Euro to below $1.20 at a four year low. Although Greece, Portugal and Ireland have been the biggest concerns in Europe, today’s news focused on Hungary. A leading official in the ruling Fidesz party said Thursday that “Hungary faces a Greek-like sovereign-debt problem” and although Hungary is not part of the euro zone, it is an important regional trading partner to countries that do use the common currency.
In an attempt to find something positive to say going into the weekend, BP has capture “some” oil from the the funnel-like lid is designed to channel oil for pumping to a surface tanker, but recent video is still “showed that the oil seemed unimpeded” as it leaked into the Gulf of Mexico. The best chance to stop the leaking will still be the drilling of relief wells, which according to reports are at least two months away. The disaster makes anyone who appreciates the environment, oceans and wildlife just sick.