Stocks Fall on GDP, Earnings Disappointment; 2013 College Graduates Face Tough Job Market; Dollar Falls against Yen
Stocks Fall on GDP, Earnings Disappointments (Bloomberg)
Ending the S&P 500′s winning streak, stocks fell today due to earnings and U.S. economy growth fell short of predictions. “The GDP number does show that the U.S. economy is still in a slow-growth mode, albeit slightly below expectations,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis, said. “I still like the risk reward for equities but it’s a ride the highs, buy the dips market.”
2013 College Graduates Face Tough Job Market (CNBC)
Though the jobs picture in the United States is slowly improving, recent data shows that pickup will not extend as far to new college graduates. Members of the class of 2013 will have a tougher time finding jobs, and they are likely to earn less in the next decade than previous graduating classes.
Dollar Falls against Yen (Reuters)
Thanks to the aforementioned U.S. GDP disappointment, the dollar fell against Japan’s yen today, as the Bank of Japan held steady on its monetary policies. “The selling started to feed on itself, and everyone started to jump on the selling bandwagon,” said Charles St-Arnaud, foreign exchange strategist at Nomura Securities in New York.