The number of people filing for unemployment benefits hit a staggering number last week — 516,000, making it the highest week since shortly after the 9/11 terrorist attacks in 2001. The result was another downturn in the market, with the Dow ended Wednesday just under 8,300, with the S&P 500 and NASDAQ both showing 5 percent drops. In morning trading on Thursday, the Dow had gained 100 points.
In similar news, foreclosures spiked in October, fueling the discussion that the Treasury Department would need to move some of its bailout focus to the consumer credit markets, helping to “unfreeze” credit aimed at individuals and small business.
