Thursday’s Market Recap: Losses In Wall Street Ahead Of US Employment Data

Uneasy investing reigned across markets Thursday and created losses on Wall Street. Besides the obvious reasons, markets faced losses today ahead of the employment report which will conveniently come out tomorrow. All three major indexes dropped by about 3 percentage points. The Dow (^DJI) fell 215 points to finish at 8,376 points. The Nasdaq (^IXIC) fell 46 points and closed at 1,445 points, while the S&P (^GSPC) lost 25 points and closed at 845 points. Jobless rates are expected to rise to 6.8%.

Crude fell on the NYMEX to its lowest trading level in four years, settling at $43.67 per barrel. With the unemployment report coming out tomorrow, many feel less working people mean less drivers on the road. The average price of a gallon of gas at pumps around the country is now $1.80. Natural gas also dipped down in trading, as it finished at $6.02. Gasoline futures fell to $96.95 cents per gallon and heating oil fell to $1.51 per gallon.

Federal Reserve Chairmen Ben Bernanke presented several different measures to prevent further foreclosures in a call for action to the government. Mr. Bernanke believes that the central bank alone will not be able to accomplish such a task, and that more tax payer funds should used for the purpose of saving homeowners since they are at the heart of this crisis.

CFO Troy Alstead of coffee retailer Starbucks (SBUX) said same stores sales have decreased by 9%, and that his company will possibly miss 1^st quarter estimates. Starbucks faces troubles as fast food operators compete with similar drinks at lower prices. Over the summer Starbucks closed close to 600 stores to cut costs.

Cell phone maker Nokia (NOK) warned of a drop in industry sales and lowered their industry revenue for this quarter.

Wal-Mart (WMT) saw share prices rise after announcing November sales exceeded expectations due to discounts on groceries and holiday decorations.

Grim outlook for cholesterol pills Zetia and Vytorin, resulted in Merck & Co. (MRK) cautioning potential drops in its profit for 2009.

Disclosure- The fund the author is associated with holds a long position with WMT.

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