The DOW hasn’t been connected to any real economy in quite a while. Ergo, DOW up or DOW down, doesn’t have any impact on unemployment, jobs, or any of the day to day livelihood of the American people.
Perhaps it’s time to just let it go… poof.
Then perhaps whatever rises from the ashes will reconnect with the real economy.
US stocks plunged today—with the Dow Jones at times down more than 280 points—ahead of tomorrow’s monthly jobs report, after the government announced only limited improvement. Unemployment benefits claims fell by just 1,000 last week,MarketWatch reports. The Standard & Poor’s 500 index plunged 2.6%, bringing it 10%—the level considered to signal a market correction, notes the AP—below its April 29 high of 1,363.
The Dow has now dropped more than 1,000 points since July 21.”You’ve got a weak economy, the aversion of a debt crisis but not a solution, and you’ve got the rest of the globe starting to implode in a lot of areas, especially Europe,” one expert tells the Wall Street Journal. ”It’s natural that people would react with fear.”