Market Movers Thursday: Hank Paulson & Geithner testify before Fin Crisis Cmsn, ECB Trichet fails to calm market over Greece fears, UK elections…

Whole lotta shakin’ goin’ on…

follow the livestream of Hank and Tim testifying before Financial Crisis Inquiry Cmsn via CNBC here

DOW futures are down more than 50 over Greece contagion fears, ECB Trichet failed to soothe the savage market beast..

…”We expect the euro area economy to expand at a moderate pace in 2010, but growth patterns could be uneven in an environment of high uncertainty,” Trichet said during a news conference after the ECB kept interest rates at a record low of 1.0 percent.

A future adjustment in the size of banks’ balance sheets cannot be ruled out, Trichet added.Trichet said the decision to suspend ratings requirements for Greek debt was taken because the Balkan country’s austerity program was a very ambitious one, and the central bank wanted to show its support.”Default is, for me, out of question. It’s as simple as that,” he said. “We did not discuss the matter and I have nothing else to say than that.”…

OIL us down to 78 and change  yowsa…(down $9 since Monday!-the Euro/USD)

EURO is trading at a 14 month low, 1.27 against the USD…(forget Obama’s big EXPORT plan to revive our economy)

GOLD moving back up slowly-1177.7 up 2 and change

look at that 10 yr, yield all the way down at 3.54%

Weekly UE claims fell less than expected…again..

…Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 444,000 in the week ended May 1, the Labor Department said. Analysts polled by Reuters had expected claims to fall to 440,000 from the previously reported 448,000, which was slightly revised up to 451,000 in Thursday’s report….

May 6, 2010. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St.

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