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Friday, August 20, 2010

US Stock Markets plunge: Jobless claims and key manufacturing indicators worsen

It was the day of bears in US Stock markets. Jobless claims have increased. Key manufacturing indicators have worsen. Fear of double dip recession has hit the US stock markets.

For almost whole of the day, stocks in US Stock markets were sliding so badly that there was talk that the slump could turn into one of those big sell-offs that could leave investors just plain terrified.

Check this out on MSN: Dow falls 144 as fear slams stocks

A few headlines to worry about American stock markets are:

Jobless claims rose 12,000 to 500,000: It's further proof that the economy has been slowing for the last few months.

Manufacturing declined in the Philadelphia Federal Reserve Bank District: The bank's general monthly manufacturing index fell from 5.1 in July to minus-7.7 in August. This index is closely watched because it tracks the national manufacturing trends closely.

Last but not least: The S&P 500 has a technical breakdown - Last week, the index, which represents about 75% of the market capitalization of the entire U.S. stock market, fell below its 200-day and 50-day moving averages.

All these things are enough to at least worry about American economy and stock markets. And it is a well known fact that when American stock markets shake, world stock markets dance to it's tunes! Cash is King ... At least for time being!

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