Stocks Drop After Unemployment News
April 3, 2008
There was a drop in the stock market today, after the Federal Reserve Chairman Ben Bernanke hinted at a possible recession. Stocks mainly fell after it was disclosed that there was an increase in the amount of Americans putting in an application for unemployment benefits. Thus jobless claims increased from to over four hundred thousand. This is the highest the amount of unemployment benefit applications have been since September 2005. However it was only a small drop in Wall Street, which was balanced by the news that only a little change was seen in the services industry.
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