Business

Another day on Wall Street.
by Milota Sidorova

American economy has reached strange momentum. While banks that were calling for help all year long and seek taxpayer’s money were citing higher growth than before the crisis, it was another question for people. Index of unemployment rose higher than expected in September. Emotions that move along the market did the job. Dow Jones fell for the sixth time in past seven days, loosing more than 203 points on Thursday and ended up on 9,509.28 point level. Dow Jones wasn’t the only one to loose, though. All major indexes dropped 2 or 3 percent. Official quotes point to rising unemployment rate. Although experts predicted it would rather fall or still comparing to A! ugust, it rose. The current quote lies at 9.7 percent, however, another group of analyst skeptics predicted more than 10 percent by the next year. Ok, let’s ease for a moment. It seems ironic that in the very same moment when the biggest financial concerns are doing better than ever, market gets scared of jobless rate. How come? And wasn’t it Mr. Bernanke telling the recession was over or that the unemployment should fall by the end of this year. Instead of this we’re fed by another promise of prolonging crisis. The unemployment should reach its peak the next year. However, I wouldn’t be surprised if it wouldn’t be the exact number and jobless rate was increasing instead. Let’s see how short can be the human memory… On the contrary, American currency did well. Dollar rose against other world currencies. It succeed since it wasn’t backed by gold anymore. The gold slid that day. So another question remain...What’s the ! right back up for the green paper when it’s not the gold! . How co me it was getting stronger when the market „darkened“ in pessimism and all major indexes fell down? Where does it all point to?

related story (sgx15526): http://news.yahoo.com/s/ap/us_wall_street;_ylt=Ao7F9BI9mKMti...

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping! in touch with the World.

posted by Blog TechSource @ 1:24 PM