Market Update: DOW down 243, on EMU concerns, spike in weekly jobless claims…

Someone wake Geithner up and let him know, will ya? Gold down, Oil down, everything is down but Treasury prices…

CNBC:

…Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said Thursday.

The surprise jump took a toll on U.S. financial markets, already reeling on concerns Europe’s debt crisis could put a damper on the U.S. economic recovery….

The legislators across the world are scaring the crxp out of the markets:

...“I’m convinced the markets are really out of control. That is why we need really effective regulation, in the sense of creating a properly functioning market mechanism.”

Mr Schaeuble’s sense of urgency is compounded by his own state of health. Just 10 days ago, the 67-year-old survivor of a mentally disturbed would-be assassin was rushed to hospital with an allergic reaction to a new antibiotic as he arrived in Brussels for the emergency meeting of EU finance ministers called to agree on the 750 billion euro rescue package….

May 20, 2010. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St.

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