Wall Street Upset By Jobless Rate
from the yeah,-well... dept
Stocks dropped today, and people are blaming an increased jobless rate. Apparently, a lot of people have been applying for unemployment. What I find amusing about this is that it's Wall Street that's been causing a good number of these unemployment applications by telling companies they need to cut costs by laying off employees. Now, they're upset that people are out of work?
Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
Techdirt is one of the few remaining truly independent media outlets. We do not have a giant corporation behind us, and we rely heavily on our community to support us, in an age when advertisers are increasingly uninterested in sponsoring small, independent sites — especially a site like ours that is unwilling to pull punches in its reporting and analysis.
While other websites have resorted to paywalls, registration requirements, and increasingly annoying/intrusive advertising, we have always kept Techdirt open and available to anyone. But in order to continue doing so, we need your support. We offer a variety of ways for our readers to support us, from direct donations to special subscriptions and cool merchandise — and every little bit helps. Thank you.
–The Techdirt Team
Reader Comments
Subscribe: RSS
View by: Time | Thread
backwards
This is backwards to what I've seen happen in the past bull market. I can recall Wall Street rallying on job cut news because they claim the businesses will be run more efficiently. However, this may just be another sign that we are in a bear market. During a bull market, Wall Street shrugs off bad news and really rallies on the good news.
The nasdaq composite seems to be touching a downtrend line on the monthly chart. I guess the next week or so will provide more evidence on which direction to take. Probably any breakout will turn out to be false and you can short some more.
[ link to this | view in thread ]
Re: backwards
[ link to this | view in thread ]