This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

US Equities Sell-off Goes On; Futures Slump

NEW YORK (AP) â¿¿ The momentum of a late sell-off on Wall Street carried over into a second day, sending U.S. futures and global stock markets into retreat.

Uncertainty over how committed the Fed remains to a massive bond-buying program scattered investors and overshadowed a Labor Department report Thursday that was slightly better than most economists had expected.

Dow Jones industrial futures slid 125 points to 15,195. S&P futures lost 16.3 points to 1,639.30. Nasdaq futures fell 26.75 points to 2,974.25.

U.S. stocks began selling off late Wednesday when minutes from the most recent Federal Reserve policy meeting left open the possibility that the U.S. may begin easing off stimulus measures that have helped send major indexes to record highs in recent weeks.

Several Federal Reserve policymakers appear to be leaning toward easing efforts to maintain record-low long-term interest rates.

Even though those actions would not be implemented, the officials said, unless the economic recovery accelerates, it created enough uncertainty about future Fed actions to send ripples overseas as markets opened.

The benchmark Nikkei 225 stock index tumbled more than 7 percent Thursday, the largest single-day decline since the March 2011 tsunami disaster.

The yield on 10-year Japanese government bonds rose briefly above 1 percent, the first time that has happened in a year.

Still, the U.S. recovery appears to be on track.

The Labor Department said Thursday that the number of Americans applying for unemployment benefits fell by 23,000 last week.

The less volatile four-week average ticked down 500 to 339,500. That's close to the five-year low of 338,000 registered the first week of May. The four-week average is 9 percent lower than in November.

And economists expect that the Commerce Department will report Thursday that new home sales rose again.

Retailers continue to publish quarterly earnings that are mostly strong. Both Dollar Tree and Perry Ellis topped Wall Street profit expectations.

Sears and The Gap post earnings after the closing bell.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,390.32 +194.90 1.13%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,629.3560 +63.2180 1.38%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs