Oh, the joys of Obamanomics.
The Washington Post: Stocks fell sharply Thursday as investors absorbed more evidence of a troubled economy.
The Dow Jones industrial average tumbled 150 points following disappointing reports on employment and orders for big-ticket manufactured goods. A lower forecast from technology maker Qualcomm Inc. dragged the Nasdaq composite index lower.
[...]
The Labor Department said weekly jobless claims fell by less than expected last week and the Commerce Department reported durable goods orders didn’t rise as fast as anticipated last month, providing a reminder the economic recovery is likely to be slow.
In midday trading, the Dow fell 153.11, or 1.5 percent, to 10,083.05. The Standard & Poor’s 500 index fell 15.29, or 1.4 percent, to 1,082.21, while the Nasdaq fell 45.86, or 2.1 percent, to 2,175.55.
Stocks have fallen five of the past eight days.
Jobs fell “less than expected” – so I guess it’s good news that first time claims for jobless benefits fell to only 470,000! And of course, it was unexpected that durable goods orders didn’t skyrocket. Yeah, this Obama economy is great.
In related news, the Senate voted to increase the debt ceiling. Sorry kids. Apparently, we’re all too incompetent to take care of ourselves, so the government is borrowing money from you to take care of us.
Update: Memeorandum has picked up the debt limit story.
