Stock markets of the United States clearly failed to obtain considerable boost from the recent statistics that indicated that the nation’s economic revival is back on track as anxiety surrounding the result of the upcoming voting trumped a better-than-anticipated employment report.
The Standard & Poor/TSX market index dropped 119.34-points to around 12,380.41, whereas other statistics suggested that the job growth rate of Canada slowed down more than expected. The well-known TSX Venture Exchange dropped by almost 11.26-points to around 1,310.03. The dollar of the Canadian market was up by nearly 0.12 of a cent to around 100.44-cents United States as Data Canada registered that the economy included just around 1,800 new jobs during the previous month, while the rate of redundancy stayed unaltered at around 7.4-percent.
The market stock indexes of the New York City also dropped after the Labor Department of the United States stated that the present economic condition of the nation cranked out nearly 170,000 job positions during October 2012, greater than the 125,500 jobs that had been previously anticipated, even though the redundancy rate increased by nearly 0.1-percentage of a point to almost 7.9-percent. The United States figures for both August and September months during this year were also modified upward to reveal further 84,000 new job positions creation.
A sharply increasing dollar of America also added to the highly regarded Dow Jones industrial average losing 139.46-points to almost 13,093.16, the NASDAQ market index dropped to almost 2,982.13, and the Standard & Poor market index drop 13.39-points to around 1,414.2. Analysts indicated that anxieties regarding the result of the forthcoming United States Presidential elections left consumers unwilling to do much following the latest jobs report.
The leading market analyst working at the well-known CMC Markets Canada, Colin Cieszynski stated that there are more anxieties that there might not be a straightforward victor the morning following the Presidential election on November 6th 2012. That is a larger anxiety at this particular instant of time since that drives everything into disorder, and also there is a major concern of the fiscal cliff.
As a matter of fact, the fiscal cliff denotes a range of tax increases, and huge budget cutbacks that is expected to take place during the fall of December 2012 unless Democrats and Republicans could team up to formulate a substitute budget plan. Some of the leading market experts caution that such an upset could drive the nation’s economy back into depression.