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Stocks sink as banks slash jobs outlook

Posted By admin On June 1, 2011 @ 10:15 am In Featured Stories | Comments Disabled

Edward Krudy
Reuters [1]
Wednesday, June 1, 2011

NEW YORK (Reuters) – Stocks skidded on Wednesday as more weak economic data cemented fears the U.S. recovery was running out of steam and prompted Wall Street firms to slash forecasts ahead of the closely watched payrolls report on Friday.

Goldman Sachs and several other big financial institutions cut estimates for non-farm payrolls growth in May after ADP Employer Services reported much lower-than-expected growth in private payrolls last month.

“If we have a payrolls number with revisions that is anything like the ADP on Friday, then we are going to struggle over the next couple of months,” said Jim Paulsen, chief investment officer at Wells Capital Management.

Traders are now talking about a “whisper number” of 100,000 jobs added in May, down sharply from the consensus of 180,000 going into Wednesday, according to David Lutz, managing director of trading at Stifel Nicolaus Capital Markets in Baltimore.

Full story here. [1]

 Stocks sink as banks slash jobs outlook aj150709banner1 [2]

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[1] Reuters: http://finance.yahoo.com/news/Wall-Street-set-for-lower-rb-3819493870.html?x=0&sec=topStories&pos=main&asset=&ccode=&sec=topStories&pos=main&asset=&ccode=&sec=topStories&pos=main&asset=&ccode=

[2] Image: http://prisonplanet.tv/

[3] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[4] Gold Settles Near $1,800 as French Fears Sink Stocks: http://www.prisonplanet.com/gold-settles-near-1800-as-french-fears-sink-stocks.html

[5] Companies in U.S. to Slash More Jobs, Business Economists Say: http://www.prisonplanet.com/companies-in-us-to-slash-more-jobs-business-economists-say.html

[6] World stocks at 21-month low as banks plunge: http://www.prisonplanet.com/world-stocks-at-21-month-low-as-banks-plunge.html

[7] Bleak outlook for banks: http://www.prisonplanet.com/bleak-outlook-for-banks.html

[8] Wall Street Could Slash 70,000 Jobs: Report: http://www.prisonplanet.com/wall-street-could-slash-70000-jobs-report.html

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