Dow Jones Down 200 Points

After disappointing earning results, the Down Jones Industrial Average is down over 220 points.  Dupont, United Technologies and 3M were all down after reporting earnings.  DuPont reported a much ower than expected quarterly profit and announced 1,500 job cuts to offset falling sales around the world.  Shares of Dupont dropped $4.35 to $45.41 and pulled the materials sector of the S&P  3% lower .  In addition, United Technologies reported a 3.3% decrease in quarterly profit and cut its yearly sales forecast, citing “poor demand from airlines and an uncertain economy”.  This is the worst possible news for Obama and may be the one issue that can cost him re-election in two weeks.  There’s certainly no way for the President to win if the unemployment rate jumps over 8% which may certainly be the case.  Last month’s unemployment rate drop of 0.3% to 7.8% was suspect and now must truly  be called in to question.  Companies that reported poor financial results,  so soon after the unemployment rate report was released, were not hiring.  It simply flies in the face of logic.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s