Wall Street and the U.S. Stock Market
Celebrates Chronic Pain of Main Street
Once again, Wall Street and the U.S. Equity Market displayed their complete and utter indifference to the chronic pain experienced by many Main Street Americans.
Data released today included 1 in 7 Americans lives in poverty, the largest number of people in 51 years; number of Americans without health insurance rises to 50.7 million; foreclosures hit another record in August as banks repossessed 95,364 properties (up 25% from August 2009); 15.1 million children under the age of 18 live in poverty and 10% of children under the age of 18 have no health coverage.
450,000 Americans filed for initial jobless claims however this figure was "better than expected" and the Philadelphia Fed Survey clocked in at a reading of -0.7 versus an estimate of +0.5 while new orders were at the lowest level since June 2009.
Federal Express announced that they would be laying off 1,700 workers and close 100 facilities however they "guided higher" on future earnings. Duh, how unique, cut employees to increase earnings...
The Dow at the low was down 51 points however once Wall Street realized it was just Main Street that was being sucked down the drain, the light hearted high frequency, algorithmic boys and girls managed to close the Dow up 22 points.
The more pain incurred by Main Street producers a sugar high gain for the gamers on Wall Street....what happens when High Fructose Corn Syrup simply becomes Corn Sugar?