Update: Market now down for same reason it was up

I’ll have a real post coming later (on a different topic, I promise), but for anyone who missed the news this morning, the stock market was up nearly 3% in the first 15 minutes of trading because the dismal job report fell in line with expectations. About five minutes later, the market gave up all of its gains (as of this writing, it’s down about 0.5%). The reason given? That “it’s hard to put a positive spin on continued job losses.” In other words, the market is now down half a percent for the same reason it was up 3% minutes before. Yes, the stories came from the same news outlet, and no, I did not have the foresight to get a screen grab.

Insanity.

– Joe Light

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2 comments so far

  1. Claire on

    I have so often seen the headlines explaining why the stock market has moved the way it has and wondered how they can possibly know. I appreciate you pointing this out!

  2. J.D. on

    Ha! This is frickin’ hilarious. This is a classic example of why it pays to ignore the daily financial news. 🙂


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