Bill Cara submits: [Excerpted from Bill Cara's Daily Report]
Thursday’s Employment Report was a downer for US equities. Too many people had been hooked into the belief that the unemployment situation in the US, and Europe as well, was on the mend. The data shows otherwise.
With final hour selling going into the long holiday weekend, Thursday’s session was particularly nasty. The S&P 500 (896.42 -26.91 -2.91%), the DJIA (8,280.74 -223.32 -2.63%), and the NASDAQ (1,796.52 -49.20 -2.67%) were all down substantially.