Stocks were down again on Thursday despite news that the Senate had passed a $700 billion Wall Street bailout package amid reports that credit was tight, and today’s unemployment report indicated a continued slow-down in the economy. The Dow lost nearly 350 points, closing further down than it had after its precipitous drop on Monday. While it appeared that Congress might act on the bailout bill before the week ends, other economic news kept stocks from rebounding:
Factory orders tumbled 4 percent in August, more severe than the 2.5 percent expected, and July was revised lower. Jobless claims rose by 1,000 to their highest level since September 2001, the Labor Department reported. That comes ahead of Friday’s employment report, which is expected to show that U.S. employers cut 100,000 jobs from nonfarm payrolls last month.
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The Mississippi Free Press produced this story through the MFP Solutions Lab, supported by the Solutions Journalism Network. This series digs into Mississippi’s systemic issues and sheds light on responses to them in other communities. Beyond just reporting on problems, these stories interrogate their causes and inspect potential solutions.