U.S. Stocks Slump, Posting Longest Losing Streak Since January
“Stock-index futures started falling after the Labor Department said at 8:30 a.m. New York time that the number of Americans collecting unemployment benefits reached a five-year high. The selling accelerated as oil declined an hour and a half later. [ed. Note to Bloomberg robot: this sentence can be used when the market goes up by changing the word ’selling’ to ‘buying.’] The majority of the drop occurred after the S&P 500 slipped below 1,261.16, a one-month intraday low that traders said represented a level of support for the market.”
Billionaire Gross’s widely-read piece was also blamed for contributing to the selling.
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Original source: http://feeds.feedburner.com/~r/Maoxian/~3/383938397/
