The stock market’s wild roller-coaster ride is poised to extend into September, according to the NY Post. Wall Street is bracing for more losses today after a nasty US jobs report last Friday -- a big, fat zero for new jobs in August -- stoked fears of a possible double-dip recession.
While the major US exchanges were closed for Labor Day, European and Asian stock indexes tumbled yesterday, suffering some of their worst declines of the year.
In addition to fears that the US economy is unraveling, traders overseas continue to fret over a mounting credit crisis in Europe. The Stoxx Europe 600 index plunged 4.1 percent to close at 223.45.
Today, US traders are expected to sell risky stocks and currencies in order to load up on safe havens including US Treasuries, the dollar, the Japanese yen and gold.
At press time yesterday, Dow futures were down 1.8 percent at 11,010 points, while the broader S&P 500 futures were 2 percent lower at 1,145.70.
“We’ve got some tough riding ahead,” said Jack Ablin, chief investment officer at Harris Private Bank in Chicago, who warned against a renewed panic “wave of selling.”
Read more: http://www.nypost.com/p/news/business/investors_gird_for_post_zero_trading_QAPdCMzksnBp4JkPteuAbM#ixzz1X9unYJO4
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