Stocks Dive As Job Losses Mount

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For a little bit it looked like stocks might edge higher today, but… no.

Weekly new jobless claims jumped to 627,000 for the week, stubbornly remaining above 600,00, while total benefit rolls climbed to 6.7 million. The numbers weren’t way out of line with what was expected, but we’re kind of at that point, with unemployment, where everyone is secretly hoping that it’s not that bad.

Thing is, it is that bad. There are no gren shoots on that front yet. Nobody is hiring or creating new jobs, meaning all kidns of repurcussions from taxes, to the housing market to credit cards.

The futures are all pointing to a leg down this morning, with the Dow straddling 8200, and the S&P trying to hold its nose above 890.

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