Stocks sold off but not too badly. Dow is down 112, however NAZ is down 8 & decliners are only slightly ahead of advancers. Many of the beaten up ones I follow are up. i.e. bargain hunting.
The Labor Dept reported employers cut jobs by 63K in Feb, the most since March 2003. The unemployment rate fell to 4.8% reflecting people leaving the labor force. The FED announced it will boost the size of the next 2 auctions by $50 billion each up from the $30 billion limits it had previously announced. Additionally, the FED said it will make $100 billion available to a broad range of financial players starting on Friday. Consumer confidence was reported at the lowest level in 6 years. Oil reached another record, over 106.
In the last hour, Dow pulled back 100, sending it below 12K. It looks like the PM will see more selling as traders want to lighten up going into the weekend.
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