Dow Falls As Unemployment Claims Are Released: Acadiana Business Index
The Dow falls over a hundred points as investors reacted to sluggish economic data. Mark Lasseigne fills you in.
- Dow Jones Industrial Average fell 124 points to 11,489.
- In its annual mid-year review, the White House downgraded its outlook
for the economy, saying unemployment could average 9% in 2012 and
predicting slower-than-expected growth for several years.
- New filings for unemployment claims remain above the 400,000 level.
The Labor Department said Americans filed 409,000 new claims last week.
- Manufacturing remained flat, according to data from the Institute
for Supply Management, whose purchasing managers' index came in at
50.6 Any reading below 50 would indicate a contracting manufacturing
- General Motors' U.S. auto sales jump 18% in August, and Chrysler's was
up 31%, as the reports showed demand for cars, crossovers and trucks.
- Crude closed at $88.93 a barrel.
- And gold settled at $1,829/ounce.
- Investors will now turn their focus to the government's jobs report,
due Friday morning.